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Simple English definitions for legal terms
dead corporation
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A quick definition of dead corporation:
A dead corporation is a company that no longer exists. It is the same as a dissolved corporation. This means that the company has been legally terminated and is no longer in operation.
Deadhand control is when someone who has died still has control over their wealth and can influence how it is used by the living. This is done through legal methods such as conditional gifts and trusts. However, there are rules in place to prevent this control from lasting forever, called the rule against perpetuities.
A more thorough explanation:
A dead corporation is a corporation that has been dissolved. This means that it no longer exists as a legal entity and cannot conduct business or enter into contracts.
Dead freight refers to cargo space on a ship that is not being used. This can happen when a shipper overestimates the amount of cargo they need to transport, or when there is a delay in loading or unloading the cargo. The shipper may still have to pay for the unused space, which is known as dead freight.
Deadhand control is a legal concept that allows a person to control their wealth even after they have died. This can be done through the use of legal instruments such as conditional gifts, contingent future interests, and trusts. The goal is often to ensure that property remains in the hands of a particular family or organization. However, the rule against perpetuities limits the amount of time that deadhand control can be exercised.
For example, a wealthy individual may create a trust that specifies that their assets can only be used for the benefit of their descendants for a certain number of years after their death. This ensures that the wealth stays within the family for a set period of time.