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DISSOLUTION

(A) contracts. The dissolution of a contract, is the annulling its effects between the contracting parties. 2. This dissolution of a partnership or corporation, is the putting an end to the partnership or corporation. Its dissolution does not affect contracts made between the. partners and others; so that they are entitled to all their rights, and they are liable on their obligations, as if the partnership had not been dissolved. Dissolution of a corporate entity is done by filing with the Secretary of State and may be done voluntarily or involuntarily (e.g. when the corporation goes bankrupt.) (B) practice. The act of rendering a legal proceeding null, or changing its character; as, a foreign attachment in Pennsylvania is: dissolved by entering bail to the action. Injunctions are dissolved by the court. (C) Sometimes a term used in place of the word divorce in some jurisdictions, a dissolution of marriage.

Law Dictionary – Alternative Legal Definition

In contracts. The dissolution of a contract is the cancellation or abrogation of it by the parties themselves, with the effect of annulling the binding force of the agreement, and restoring each party to his original rights. In this sense it is frequently used In the phrase “dissolution of a partnership.” Williston v. Camp, 9 Mont. 88, 22 Pac 501.
Of corporations. The dissolution of a corporation la 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 its charter by lapse of time; by proceedings for winding it up under the law; by loss of all its members or their reduction below the statutory limit. Matthews v. Bank, 60 S. C. 183, 38 S. E. 437; Lyons-Thomas Hardware Co. v. Perry Stove Mfg. Co., 86 Tex. 143, 24 S. W. 16, 22 L. R. A. 802; Thels 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. Jones v. Hill, 6 N. C. 131.

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