Tennessee § 48-249-705 - Transfer of assets not in the ordinary course.
Full text of Tennessee Tennessee Code Annotated § 48-249-705 — Transfer of assets not in the ordinary course., with citation guidance and answers to common questions.
§ 48-249-705. Transfer of assets not in the ordinary course.
Approval of transfer. The sale, lease, transfer or other disposition by an LLC of all, or substantially all, of its property and assets not in the usual and regular course of business shall be approved by: A majority vote of the managers, if the LLC is a manager-managed LLC, or a majority vote of the directors, if the LLC is a director-managed LLC; and A majority vote of the members, whether the LLC is a member-managed LLC, a manager-managed LLC or a director-managed LLC. Liability of transferee. The transferee of assets under this section is liable for the debts, obligations and liabilities of the transferor, only to the extent provided in the contract or agreement between the transferee and the transferor, with respect to the transfer of assets or to the extent provided by this chapter or other applicable law. Acts 2005, ch. 286, § 1.
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 48-249-705
What does Tennessee Code Annotated § 48-249-705 cover?
Section 48-249-705 ("Transfer of assets not in the ordinary course.") is part of the Tennessee Code Annotated, the codified statutory law of Tennessee. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Tennessee § 48-249-705?
A common citation format is "Tennessee Code Annotated § 48-249-705" (Tennessee). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Tennessee law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Tennessee official source linked on this page or consult a licensed Tennessee attorney.
How does Tennessee § 48-249-705 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Tennessee can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Tennessee.