This is what I obtain (I have 0 limit on PM recipients and this happens sending message from an administrative account, so no permission issues):
Server Error in '/YetAnotherForum.NET' Application.
Object reference not set to an instance of an object.
Description: An unhandled exception occurred during the execution of the current web request. Please review the stack trace for more information about the error and where it originated in the code.
Exception Details: System.NullReferenceException: Object reference not set to an instance of an object.
Source Error:
An unhandled exception was generated during the execution of the current web request. Information regarding the origin and location of the exception can be identified using the exception stack trace below.
Stack Trace:
[NullReferenceException: Object reference not set to an instance of an object.]
YAF.Pages.pmessage.Save_Click(Object sender, EventArgs e) +950
System.Web.UI.Page.ProcessRequestMain(Boolean includeStagesBeforeAsyncPoint, Boolean includeStagesAfterAsyncPoint) +3803