2010 Tennessee Code
Title 48 - Corporations And Associations
Chapter 249 - Tennessee Revised Limited Liability Company Act
Part 5 - Admission of Members Membership Interests Transferees and Creditors of Members
48-249-502 - Nature of membership interest and statement of interest owned.
48-249-502. Nature of membership interest and statement of interest owned.
(a) Nature of membership interest. A membership interest in an LLC is personal property. A member has no interest in specific LLC property. All property transferred to or acquired by an LLC is property of the LLC.
(b) Statement of interest owned. At the request of any member or holder of financial rights in an LLC, the LLC shall state in writing the particular membership interest or financial rights, or portion of the membership interest or financial rights, owned by such member or holder as of the time the LLC makes the statement. The statement shall describe such person's rights, if any, to vote, to share in profits and losses, and to share in distributions, as well as any transfer of the member's or holder's rights then in effect. The statement shall not be deemed to be a security, as defined in § 47-8-102(a)(15), except as provided in § 47-8-103(c), shall not be a negotiable instrument, shall not be deemed to be a bond or stocks, as those terms are used in § 67-2-101, and shall not be a vehicle by which a transfer of any membership interest or financial rights may be effected.
[Acts 2005, ch. 286, § 1.]
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