Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

DISSOLUTION Definition & Legal Meaning

Definition & Citations:

In contracts. The dissolution of a contract is the cancellation or abrogation of it by the partiesthemselves, with the effect of annulling the binding force of the agreement, andrestoring each party to his original rights. In this sense it is frequently used In thephrase “dissolution of a partnership.” Williston v. Camp, 9 Mont 88, 22 Pac. 501.Of corporations. The dissolution of a corporation is the termination of its existence as a body politic. This may take place in several ways; as by act of the legislature,where that is constitutional; by surrender or forfeiture of its charter; by expiration of itscharter by lapse of time; by proceedings for winding it up under the law; by loss of allits members or their reduction below the statutory limit. Matthews v. Rank, GO S. 0.1S3, 3S S. E. 437; Lyons-Tliomas Hardware Co. v. Perry Stove Mfg. Co., 80 Tex. 14::,24 S. W. 10, 22 L. It. A. 802; Theis v. Gaslight Co., 34 Wash. 23, 74 Pac. 1004.In practice. The act of rendering a legal proceeding null, abrogating or revoking it;unloosing its constraining force; as when an injunction is dissolved by the court. Jonesv. Hill, 6 N. C. 131.

Disclaimer

This article contains general legal information but does not constitute professional legal advice for your particular situation. The Law Dictionary is not a law firm, and this page does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.