Tennessee Code 48-231-209 – Procedure if member dissatisfied with payment or offer

(a) A dissenter may notify the LLC in writing of the dissenter’s own estimate of the fair value of such dissenter’s membership interest and amount of interest due, and demand payment of the dissenter’s estimate (less any payment under § 48-231-206), or reject the LLC’s offer under § 48-231-208 and demand payment of the fair value of membership interest and interest due, if:

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Terms Used In Tennessee Code 48-231-209

Dissenter: means a member who is entitled to dissent from LLC action under §. See Tennessee Code 48-231-101
Fair value: means the value of the dissenter's membership interest of an LLC immediately before the effective date of the LLC action referred to in §. See Tennessee Code 48-231-101
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
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
Month: means the time from any day of any month to the corresponding day of the succeeding month, if any, and if none, the last day of the succeeding month. See Tennessee Code 48-11-201

(1) The dissenter believes that the amount paid under § 48-231-206 or offered under § 48-231-208 is less than the fair value of such dissenter’s membership interest or that the interest due is incorrectly calculated; or

(2) The LLC fails to make payment under § 48-231-206 within two (2) months after the date set for demanding payment.

(b) A dissenter waives the right to demand payment under this section unless the dissenter notifies the LLC of such dissenter’s demand in writing under subsection (a) within one (1) month after the LLC made or offered payment for such dissenter’s membership interest.

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Tennessee Code 48-231-209 – Procedure if member dissatisfied with payment or offer

Terms Used In Tennessee Code 48-231-209

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