In my family, ohhh yes, yes there is. But if you don't use it for your first child, you lose dibs. All names are totally usable as MN, regardless of if someone who has dibs uses them as a first or mns before you. If someone uses it first as a mn, you may still use it as a first name.
We can't use James, as it belongs to both my BIL and DB, but once each of them have a son and don't call it James, its up for grabs. Always up for grabs as a MN. All my DB's names and mns belong to them and my name belongs to me, confirmation names belong to the person who used them.
We've not really got any family members who died tragically, but their names belong to their children first, then their siblings (siblings, if they died very young), in order of closest too them - my great aunt used Catherine before my GM could and GM has never really forgiven her, as GM and their sister Catherine were very very close before she died.
If you are particularly close to a cousin or aunt or uncle, their name belongs to you - Peter belongs to my DB as he is very close to the cousin of that name, but we will be using it as a nm. We could not use it as a first name until my DB has his first son. For aunts and uncles, it belongs to their children first, in closeness to parent order, but the closest niece or nephew to them also has dibs, and the name can be used even if one of their children also use it, within reasonable age difference of child, the first to have children gets to make the call. You jump up to 'child' dibs rank if they are your godparent.
I only got my name cos my aunt was worried that her daughter wouldn't be able to spell it, its her mn, so DAunt lost dibs and DM used the name but my cousin still has secondary dibs on it for her DCs, over my DB's claims, after my own. She could still pull rank on me though, and use it if she has children first cos its a deeper pedigree (and she knows I don't want to use it!) as its her DM's name, and we are very close.
DP thinks I'm MENTAL. This is why we are using all new names.
I think a simple adult conversation would solve most issues anyway. There is still a large strain of honoring - I know I'll offend some people cos i'm not going to name my DCs after family members.