Steps to reproduce:

1. Configure at least 3 languages in your installation, e.g. eng-GB, fre-FR, ita-IT
2. Create new article, e.g. Linked article
3. Create new folder, e.g. CS6630
4. Add new location for Linked article in the CS6630 directory
5. In the CS6630 create another new article in eng-GB, e.g. Article A, fill all required fields with random data
6. Add new fre-FR translation for Article A. In the Body field put some text and set it as a link to the CS6630/Linked article (that new location created in the previous step) using link functionality in RichText.
7. Add new ita-IT translation for Article A. In the Body field put some text and set it as a link to the CS6630/Linked article (that new location created in the previous step) using link functionality in RichText.
8. Remove 2nd location for the Linked article (CS6630/Linked article)
9. Edit eng-GB translation for Article A and try to publish.

You should see validation error in v1.x, or 500 error in v2.x.

Invalid link "ezlocation://73": target location cannot be found. 
Invalid link "ezlocation://73": target location cannot be found

Note: You won't be able to save any translation because two of them contain that invalid link.