N.Y. General Obligations Law § 5-1101: Agreements relating to securities

§ 5-1101. Agreements relating to securities. An agreement, promise or

undertaking for the purchase, sale, transfer, assignment or delivery of

a certificate or other evidence of debt, issued by the United States or

by any state, or a municipal or other corporation, or of any share or

interest in the stock of any bank corporation or joint stock

association, incorporated or organized under the laws of the United

States or of any state, is not void or voidable, for want of

consideration, or because of the nonpayment of consideration, or because

the vendor, at the time of making such contract, is not the owner or

possessor of the certificate or certificates or other evidence of debt,

share or interest.