FS Credit Opportunities Corp. v. Saba Capital Master Fund, Ltd. · ¶27
Saba’s counterarguments, while not without force, are ultimately unpersuasive. As for text, it points out that Section 47(b) also includes the phrase “at the instance of any party.” Brief for Respondents 23–26. According to Saba, this language displays Congress’s intent to create a private right of action. But the ordinary meaning of “at the instance of (a person)” is “at the solicitation” or “suggestion of.” 7 Oxford English Dictionary 1040 (2d ed. 1989). And “instance,” when used as verb, means “[t]o urge.” Ibid.; see also Webster’s New International Dictionary 1287 (2d ed. 1954) (“[t]o urge; importune”). The legal meaning of “instance” is the same. See, e.g., Black’s Law Dictionary 947 (12th ed. 2024) (“[u]rgent solicitation or insistence”); 2 Bouvier’s Law Dictionary 1604 (8th ed. 1914) (“urging”). So the phrase “a court may not deny rescission at the instance of any party” is most…Read in context ›
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