This work uses the Mariana mining disaster (2015) as a trigger case to analyze how corporations are legally perceived in the context of disasters, specifically, tailings dam failures. The legal personality of corporations carries the mystery of being similar to a natural person judicially at the same time that are completely different from a human person when analyzed outside of the legal realm. Under that puzzle, the corporate legal personality nature was analyzed before the hegemonic theories of Brazilian legal scholars, revealing their insufficiencies to approach the Mariana Mining Disaster. Subsequently, an alternative approach is assessed through the studies of Evguieni Pashukanis and some recent authors that endorse his main ideas. Pashukanis reveals potentialities and limits that led to a proper elaboration of the corporate legal personhood concept and its internal dynamics in two steps. Firstly, revisiting the capital fetishism and the value-form theories, which led to a better understanding of the most developed and fetishized forms of capital, the interest bearing capital, as well as the contradictory developments between the capital and productive circuits. Secondly, revisiting the historic construction of the corporate form and its legal features in both USA and United Kingdom, in order to perceive the ascension of the corporate legal personality concept. Finally, some the corporate legal personhood concept characteristics and dynamics are proposed.