Section 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.