{"data":{"id":"us-tn/tenn.-code-ann.-48-231-101","jurisdiction":"us-tn","citation":"Tenn. Code Ann. § 48-231-101","heading":"Chapter definitions","body":"As used in this chapter: (1) \"Dissenter\" means a member who is entitled to dissent from LLC action under § 48-231-201(a) and who exercises that right when and in the manner required under this chapter; (2) \"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 § 48-231-201(a) , excluding any appreciation or depreciation in anticipation of the LLC action; (3) \"Interest\" means interest from the effective date of the action referred to in § 48-231-201(a) that gave rise to the member's right to dissent until the date of payment, at the average auction rate paid on United States treasury bills with a maturity of six (6) months (or the closest maturity thereto) as of the auction date for such treasury bills closest to such effective date; (4) \"LLC\" means an LLC whose members have obtained rights to dissent under § 48-231-201(a) , and includes any successor by merger; (5) \"Member\" includes a former member when dissenters' rights exist because: (A) The membership of that former member has terminated causing dissolution; and (B) The dissolved LLC has then entered into a merger under § 48-244-101 or § 48-244-201 . Acts 1994, ch. 868, § 1.\nAs used in this chapter:\n(1) \"Dissenter\" means a member who is entitled to dissent from LLC action under § 48-231-201(a) and who exercises that right when and in the manner required under this chapter;\n(2) \"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 § 48-231-201(a) , excluding any appreciation or depreciation in anticipation of the LLC action;\n(3) \"Interest\" means interest from the effective date of the action referred to in § 48-231-201(a) that gave rise to the member's right to dissent until the date of payment, at the average auction rate paid on United States treasury bills with a maturity of six (6) months (or the closest maturity thereto) as of the auction date for such treasury bills closest to such effective date;\n(4) \"LLC\" means an LLC whose members have obtained rights to dissent under § 48-231-201(a) , and includes any successor by merger;\n(5) \"Member\" includes a former member when dissenters' rights exist because: (A) The membership of that former member has terminated causing dissolution; and (B) The dissolved LLC has then entered into a merger under § 48-244-101 or § 48-244-201 .\n(A) The membership of that former member has terminated causing dissolution; and\n(B) The dissolved LLC has then entered into a merger under § 48-244-101 or § 48-244-201 .","path":["TN Code","Title 48","Chapter 231"],"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":"1841cc86423566164db72da373744756a51597d56a156f9f125d99809b55763b","source_id":"us-tn","stale":false,"prev":"us-tn/tenn.-code-ann.-48-230-105","next":"us-tn/tenn.-code-ann.-48-231-201"},"notice":"GroundRules: Original legal text. Not legal advice."}