The NFHS and NCAA define the home run line (thus dead ball line) as the base of the fence with the established distance; USA (unless that has also been reinterpreted) includes the fence when it is down, so that uses the top of the fence.
So, the ball was dead when dropped on the fence that lay beyond the "base of the fence" line. Catch and carry applies, since you ruled a catch; it would have been a home run had you ruled "no catch".
Remember, all catches end with a voluntary release ...........
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Steve
ASA/ISF/NCAA/NFHS/PGF
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