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:
“Trust me that as I ignore all law to help the slave, so will I ignore it all to protect an enslaved woman.”
—Susan B. Anthony (1820–1906)
“There is but one law for all, namely that law which governs all law, the law of our Creator, the law of humanity, justice, equity—the law of nature and of nations.”
—Edmund Burke (1729–1797)