48-231-209 - Procedure if member dissatisfied with payment or offer.
48-231-209. Procedure if member dissatisfied with payment or offer.
(a) A dissenter may notify the LLC in writing of the dissenter's own estimate of the fair value of such dissenter's membership interest and amount of interest due, and demand payment of the dissenter's estimate (less any payment under § 48-231-206), or reject the LLC's offer under § 48-231-208 and demand payment of the fair value of membership interest and interest due, if:
(1) The dissenter believes that the amount paid under § 48-231-206 or offered under § 48-231-208 is less than the fair value of such dissenter's membership interest or that the interest due is incorrectly calculated; or
(2) The LLC fails to make payment under § 48-231-206 within two (2) months after the date set for demanding payment.
(b) A dissenter waives the right to demand payment under this section unless the dissenter notifies the LLC of such dissenter's demand in writing under subsection (a) within one (1) month after the LLC made or offered payment for such dissenter's membership interest.
[Acts 1994, ch. 868, § 1.]