8-113 - Statute of Frauds Generally Inapplicable.
Section 8--113. Statute of Frauds Generally Inapplicable. (a) Except as provided in subsection (b), a contract or modification of a contract for the sale or purchase of a security is enforceable whether or not there is a writing signed or record authenticated by a party against whom enforcement is sought, even if the contract or modification is not capable of performance within one year of its making. (b) A contract or modification of a contract for the sale or purchase of a cooperative interest is void unless the contract or some note or memorandum thereof, expressing the consideration, is in writing, subscribed by the party to be charged, or by his lawful agency thereunto authorized by writing. (1) there is some writing signed by the party against whom enforcement is sought which describes the security and states its price; or (2) the party against whom enforcement is sought admits in its pleading, testimony, or otherwise in court that a contract was made for the sale of the security and the admission describes the security and states its price.