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 § mber 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.
Tennessee Legal Code