§ 48-245-903 — Procedure for judicial dissolution

Tennessee § 48-245-903

• Jurisdiction: Tennessee
• Title: 48

Text

(a) Venue. Venue for a proceeding by the attorney general and reporter to dissolve an LLC lies in Davidson County. Venue for a proceeding brought by any other party lies in the county where the LLC's principal executive office is or was last located. (b) Parties. It is not necessary to make members parties to a proceeding to dissolve an LLC unless relief is sought against them individually. (c) Injunctions. A court in a proceeding brought to dissolve an LLC may issue injunctions, appoint a receiver or custodian pendente lite with all powers and duties the court directs, take other action required to preserve the LLC's assets wherever located, and carry on the business of the LLC until a full hearing can be held. (d) Bond and Expenses. In a proceeding for dissolution by a member, the petitioner shall execute and file in the proceeding a bond, with sufficient surety, to cover the defendant's probable costs, including reasonable attorney fees, in defending the petition. The court shall determine the amount of the bond and may award to any party its reasonable costs, including attorney fees, if it finds for such party in the proceeding.

Legislative History

Acts 1994, ch. 868, § 1.