FS Credit Opportunities Corp. v. Saba Capital Master Fund, Ltd. · ¶30

If this were 1979, the year that TAMA was decided, then Saba would have a point. But as even the dissent grudgingly admits, post, at 7–8, something important happened in 1980: Congress amended the ICA and entirely reworked Section 47(b). Relevant here, it added references to the key actor—“‘a court.’” 94 Stat. 2277. And Congress deleted the language that contracts formed in violation of the ICA “shall be void” and replaced it with two distinct phrases. The first states that contracts violating the ICA are “‘unenforceable by either party,’” and the second provides that if one of those contracts has been performed, “a court may not deny rescission.” Ibid.

slip opinion
Source edition
Passage preview. Read in context for the complete text, notes and references.