If the membership interest or financial rights of a member or holder of financial rights is not or are not purchased under § 48-249-1112 or 48-249-1113 within ten (10) months after the death of the member or holder, or within five (5) months after the occurrence of any other event giving rise to the PLLC's purchase obligation under § 48-249-1111(a), the PLLC shall immediately terminate the membership interest or financial rights on the PLLC's books, and the person who is entitled to receive payment in respect of the membership interest or financial rights under § 48-249-1111(a), as well as the member or holder of financial rights, if different from such person, has no further membership interest or financial rights in the PLLC, other than such person's right to payment of the fair value of the membership interest or financial rights under § 48-249-1112 or 48-249-1113.
Structure 2021 Tennessee Code
Title 48 - Securities, Corporations and Associations
Chapter 249 - Tennessee Revised Limited Liability Company Act
Part 11 - Professional Limited Liability Companies
§ 48-249-1102. Part Definitions
§ 48-249-1115. Termination of Membership Interest or Financial Rights of a Disqualified Person
§ 48-249-1116. Disqualification of Members and Other Persons
§ 48-249-1117. Directors, Managers and Officers
§ 48-249-1121. Cessation of Professional Services
§ 48-249-1124. Application for a Certificate of Authority
§ 48-249-1127. Delivery of Articles or Certificate of Authority to Licensing Authority
§ 48-249-1130. Jurisdiction of Licensing Authority
§ 48-249-1131. Amendment of Existing Laws and Right to Practice Profession in Other Forms