N.Y. Limited Liability Company Law § 1005: Payment of interest of dissenting members

§ 1005. Payment of interest of dissenting members. (a) Within ten days

after the occurrence of an event described in section ten hundred two of

this article, the surviving or resulting domestic limited liability

company or other business entity shall send to each dissenting former

member a written offer to pay in cash the fair value of such former

member's membership interest. Payment in cash shall be made to each

former member accepting such offer within ten days after notice of such

acceptance is received by the surviving or resulting domestic limited

liability company or other business entity.

(b) If a former member and the surviving or resulting limited

liability company or other business entity fail to agree on the price to

be paid for the former member's membership interest within ninety days

after the surviving or resulting domestic limited liability company or

other business entity shall have made the offer provided for in

subdivision (a) of this section, or if the domestic limited liability

company or surviving domestic limited liability company or other

business entity shall fail to make such an offer within the period

provided for in subdivision (a) of this section, the procedure provided

for in paragraphs (h), (i), (j) and (k) of section six hundred

twenty-three of the business corporation law (or any successor

provisions or statute) shall apply, as such paragraphs may be amended

from time to time.

(c) A payment under this section shall constitute a return of a

member's contribution for the purposes of section five hundred eight of

this chapter.