The Law
Under the traditional American common law doctrine, the 99-year term was not literal, but merely an arbitrary time span beyond the life expectancy of any possible lessee or lessor.
In the law of several US states, a 99-year lease will always be the longest possible contract for realty by statute, but many have enacted shorter terms and some allow infinite terms.
The 99-year lease concept has been more common under the civil law regimes when it comes to concessions of territory: most concessions last for 99 years.
Read more about this topic: 99-year Lease
Famous quotes containing the word law:
“It has often been a solid Grief to me, when I have reflected on this glorious Nation, which is the Scene of publick Happiness and Liberty, that there are still Crowds of private Tyrants, against whom there neither is any Law now in Being, nor can there be invented any by the Wit of Man. These cruel Men are ill-natured husbands.”
—Richard Steele (1672–1729)
“These, having not the law, are a law unto themselves.”
—Bible: New Testament St. Paul, in Romans, 2:14.