{"data":{"id":"us-tn/tenn.-code-ann.-48-23-206","jurisdiction":"us-tn","citation":"Tenn. Code Ann. § 48-23-206","heading":"Payment","body":"(a) Except as provided in § 48-23-208 , as soon as the proposed corporate action is effectuated, or upon receipt of a payment demand, whichever is later, the corporation shall pay each dissenter who complied with § 48-23-204 the amount the corporation estimates to be the fair value of each dissenter's shares, plus accrued interest. (b) The payment must be accompanied by: (1) The corporation's balance sheet as of the end of a fiscal year ending not more than sixteen (16) months before the date of payment, an income statement for that year, a statement of changes in shareholders' equity for that year, and the latest available interim financial statements, if any; (2) A statement of the corporation's estimate of the fair value of the shares, which estimate shall equal or exceed the corporation's estimate given pursuant to § 48-23-203(b)(2)(C) ; (3) An explanation of how the interest was calculated; (4) A statement of the dissenter's right to demand payment under § 48-23-209 ; and (5) A copy of this chapter if the corporation has not previously sent a copy of this chapter to the shareholder pursuant to § 48-23-201 or § 48-23-203 . Amended by 2015 Tenn. Acts, ch. 60,s 4, eff. 4/6/2015. Acts 1986, ch. 887, § 13.25.\n(a) Except as provided in § 48-23-208 , as soon as the proposed corporate action is effectuated, or upon receipt of a payment demand, whichever is later, the corporation shall pay each dissenter who complied with § 48-23-204 the amount the corporation estimates to be the fair value of each dissenter's shares, plus accrued interest.\n(b) The payment must be accompanied by: (1) The corporation's balance sheet as of the end of a fiscal year ending not more than sixteen (16) months before the date of payment, an income statement for that year, a statement of changes in shareholders' equity for that year, and the latest available interim financial statements, if any; (2) A statement of the corporation's estimate of the fair value of the shares, which estimate shall equal or exceed the corporation's estimate given pursuant to § 48-23-203(b)(2)(C) ; (3) An explanation of how the interest was calculated; (4) A statement of the dissenter's right to demand payment under § 48-23-209 ; and (5) A copy of this chapter if the corporation has not previously sent a copy of this chapter to the shareholder pursuant to § 48-23-201 or § 48-23-203 .\n(1) The corporation's balance sheet as of the end of a fiscal year ending not more than sixteen (16) months before the date of payment, an income statement for that year, a statement of changes in shareholders' equity for that year, and the latest available interim financial statements, if any;\n(2) A statement of the corporation's estimate of the fair value of the shares, which estimate shall equal or exceed the corporation's estimate given pursuant to § 48-23-203(b)(2)(C) ;\n(3) An explanation of how the interest was calculated;\n(4) A statement of the dissenter's right to demand payment under § 48-23-209 ; and\n(5) A copy of this chapter if the corporation has not previously sent a copy of this chapter to the shareholder pursuant to § 48-23-201 or § 48-23-203 .","path":["TN Code","Title 48","Chapter 23"],"source_url":"https://oss-data-us.vaquill.ai/v2026.08/us_tn_statutes.parquet","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:26Z","sha256":"f37d6e40e844f7bf7443cf8d0804fd40c2f8dea60d5a7e7306bef38db32d10ee","source_id":"us-tn","stale":false,"prev":"us-tn/tenn.-code-ann.-48-23-205","next":"us-tn/tenn.-code-ann.-48-23-207"},"notice":"GroundRules: Original legal text. Not legal advice."}