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:
“No. I am not the law in your mind,
the grandfather of watchfulness.
I am the law of your members,
the kindred of blackness and impulse.
See. Your hand shakes.
It is not palsy or booze.”
—Anne Sexton (1928–1974)
“Who to himself is law, no law doth need, Offends no law, and is a king indeed.”
—George Chapman (c. 1559–1634)