(a) The articles of organization and the operating agreement of a decentralized organization are effective as statements of authority.
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Terms Used In Tennessee Code 48-250-114

  • articles of organization: means in the case of an LLC organized under chapters 201-248 of this title, articles of organization, articles of amendment, articles of correction, certificates of merger, and all similar documents required to be filed with any of the foregoing as part of the formation and continuation of an LLC. See Tennessee Code 48-202-101
  • Contract: A legal written agreement that becomes binding when signed.
  • Decentralized organization: means a decentralized organization, organized under this chapter. See Tennessee Code 48-250-101
  • Operating agreement: means a written agreement described in §. See Tennessee Code 48-202-101
  • Smart contract: means an event-driven computer program, that executes on an electronic, distributed, decentralized, shared, and replicated ledger that is used to automate transactions, including, but not limited to, transactions that:
    (A) Take custody over and instruct transfer of assets on that ledger. See Tennessee Code 48-250-101
(b) If the articles of organization and operating agreement conflict, then the articles of organization control.
(c) If the articles of organization and smart contract conflict, then the smart contract controls, except for provisions that comply with §§ 48-250-104 and 48-250-105(a) and (b).
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