This name and a similar description (not appearing in Tolkien) are also used in the Games Workshop Lord of the Rings Table Top game, and the axe has its own set of rules.
In Dale, both King Brand and King Dáin II Ironfoot were killed, and were succeeded by their sons Bard and Thorin III Stonehelm.
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King Brand of Dale fell before the gate of Erebor, and King under the Mountain Dáin II Ironfoot fell as he was defending Brand's body.