There Is a Newer Version
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2019 Tennessee Code
Title 48 - Corporations and Associations
Limited Liability Companies
Chapter 248 - Professional Limited Liability Companies
Part 4 - Eligible Members, Transfers, Etc
§ 48-248-402. Transfers.
Universal Citation:
TN Code § 48-248-402 (2019)
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(a) Subject to §§ 48-218-101 and 48-218-102, a member of a PLLC may transfer, assign or pledge such member's financial rights, governance rights, or membership interest in the PLLC only to individuals, general partnerships, professional corporations, and other PLLCs qualified under § 48-248-401; provided, that nothing in this section shall be construed as prohibiting such a member from pledging the financial rights of that member's membership interest to a financial institution as collateral for a loan.
(b) A transfer, assignment or pledge of the financial rights, governance rights or membership interests made in violation of subsection (a), except one made by operation of law or court judgment, is void.
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