Tennessee Code Title 48. Corporations and Associations § 48-249-1110

(a) QUALIFIED PERSONS ONLY.  Subject to §§ 48-249-507 and 48-249-508 , a member or holder of financial rights of a PLLC may transfer such member's or holder's membership interest, governance rights or financial rights, as applicable, in the PLLC, only to qualified persons;  provided, that nothing in this section shall be construed as prohibiting such a member or holder from transferring such member's or holder's financial rights to a financial institution as collateral for a loan.

(b) PROHIBITED TRANSFERS VOID.  A transfer of a membership interest, governance rights or financial rights that is made in violation of subsection (a), except one made by operation of law or court judgment, is void.


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