79-29-913 - Court action to appraise membership interests.
§ 79-29-913. Court action to appraise membership interests.
(1) If the disqualified member does not accept the professional limited liability company's offer under Section 79-29-912(2) within the thirty-day period, the member during the following thirty-day period may deliver a written notice to the limited liability company demanding that it commence a proceeding to determine the fair value of the membership interest. The limited liability company may commence a proceeding at any time during the sixty (60) days following the effective date of its offer notice. If it does not do so, the member may commence a proceeding against the limited liability company to determine the fair value of his membership interest.
(2) The limited liability company or disqualified member shall commence the proceeding in the chancery court of the county where the limited liability company's principal office (or, if none in this state, its registered office) is located. The limited liability company shall make the disqualified person a party to the proceeding as in an action against his membership interest. The jurisdiction of the court in which the proceeding is commenced is plenary and exclusive.
(3) The court may appoint one or more persons as appraisers to receive evidence and recommend decision on the question of fair value. The appraisers have the power described in the order appointing them, or in any amendment to it.
(4) The disqualified member is entitled to judgment for the fair value of his membership interest determined by the court as of the date of death, disqualification or transfer, together with interest from that date at a rate found by the court to be fair and equitable.
(5) The court may order the judgment paid in installments determined by the court.
Sources: Laws, 1995, ch. 494, § 48, eff from and after July 1, 1995.