Proper exception to raise if None encountered as argument

There is no "invalid argument" or "null pointer" built-in exception in Python. Instead, most functions raise TypeError (invalid type such as NoneType) or ValueError (correct type, but the value is outside of the accepted domain).

If your function requires an object of a particular class and gets None instead, it should probably raise TypeError as you pointed out. In this case, you should check for None explicitly, though, since an object of correct type may evaluate to boolean False if it implements __nonzero__/__bool__:

if MyArg2 is None:
    raise TypeError

Python docs:

• TypeError python2 / python3
• ValueError python2 / python3

As others have noted, TypeError or ValueError would be natural. If it doesn't seem specific enough, you could subclass whichever of the two exceptions is a better fit. This allows consistent handling of invalid arguments for a broad class of functions while also giving you more detail for the particular function.