In Korea Life Ins. Co., Ltd. v. Morgan Guar. Trust Co. of N.Y., 269 F Supp 2d 424, 438 [SD NY 2003], a Korean life insurance company argued that foreign exchange swaps and a guaranty were illegal under Korean insurance law. Although the parties submitted opinions from Korean law experts, the court did not reach the issue of illegality under Korean law. The court stated that "the effect of illegality upon a contractual relationship is determined, not by Korean law, but by the law of the jurisdiction which is selected under conflicts analysis" (id. at 440). The swap agreements at issue, as the Master Agreement here, contained a clause providing that New York law was to govern disputes between the parties. The Korea Life court held that the derivatives transactions, even if illegal under Korean law, were not invalid under New York law. "Under New York law, an illegal contract malum in se," i.e., inherently immoral, "is unenforceable and will be voided" (id. at 441). In contrast, "a contract that is illegal because performance is malum prohibitum," i.e., its performance would violate certain legal restrictions, "may also be voided if: (1) the contract is still executory; or (2) the parties are not in pari delicto," i.e., the party seeking to avoid enforcement is an innocent victim (id.).