(a) A member sent a dissenters’ notice described in § 48-231-204 must demand payment and certify whether the member acquired the membership interest before the date required to be set forth in the dissenters’ notice pursuant to § 48-231-204(b)(2).
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Terms Used In Tennessee Code 48-231-205

  • Interest: means interest from the effective date of the action referred to in §. See Tennessee Code 48-231-101
  • LLC: means an LLC whose members have obtained rights to dissent under §. See Tennessee Code 48-231-101
  • Member: includes a former member when dissenters' rights exist because:
    (A) The membership of that former member has terminated causing dissolution. See Tennessee Code 48-231-101
  • Membership: means the rights and obligations a member has pursuant to a corporation's charter, bylaws and chapters 51-68 of this title. See Tennessee Code 48-51-201
  • Membership interest: means a member's interest in an LLC consisting of a member's financial rights, a member's right to assign financial rights as provided in §. See Tennessee Code 48-202-101
(b) The member who demands payment under subsection (a) retains all other rights of a member until these rights are cancelled or modified by the effectuation of the proposed LLC action.
(c) A member who does not demand payment by the date set in the dissenters’ notice is not entitled to payment for such member’s membership interest under this chapter.
(d) A demand for payment filed by a member may not be withdrawn unless the LLC with which it was filed, or the surviving LLC, consents to such withdrawal.
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