48-215-101 - Nature of a membership interest and statement of interest owned. - Tennessee Statutes

48-215-101. Nature of a membership interest and statement of interest owned.

(a)  Generally.  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 itself.

(b)  Statement of Membership Interest.  At the request of any member, the LLC shall state in writing the particular membership interest owned by that member as of the time the LLC makes the statement. The statement must describe the member's rights to vote, to share in profits and losses, and to share in distributions, as well as any assignment of the member's rights then in effect. The statement shall not be deemed to be a “security,” as defined in § 47-8-102(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 may be effected.

[Acts 1994, ch. 868, § 1; 1997, ch. 79, §§ 21, 22.]