Dear Akinbo,
Let me try to answer your questions. If "cutting" a line just means partitioning it into two parts, each of which are themselves lines, that is partitioning a line into two segments, then this can be done for any linear order: it is exactly what Dedekind called a "Schnitt". Now Dedekind wanted something more in order to define a continuum: for every Schnitt, there should be either one or two points that correspond to the Schnitt. Think of this as either the greatest or least element of one of the two parts of the partition. Some linear orders can be cut in this way without there being such an element. For example, the set of positive rational numbers can be partitioned in two groups: those whose squares are greater than 2 and those whose squares are less than two. That is a perfectly good Schnitt, but there is no greatest element of the one part or least element of the other. So, by Dedekind's definition, the set of rational numbers is not a continuum.
I have no problem with Dedekind's definition. It just shows that lines can be defined--and cut--even if the space is not a continuum.
As for perishing: the physical lines I have in mind are sets of events, ordered by a temporal order. The universe could have a maximal element in time--a last event. That is a claim about the overall geometry of the universe. If you mean by "perishing" that any object in the past has "perished", then lines do indeed perish: lines made of events in my past have, from my present perspective, perished. That is just the same sense in which we generally talk about things in time perishing: no longer existing.
Regards,
Tim Maudin