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;
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Terms Used In Tennessee Code 48-231-101

(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 § 48-244-201.
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