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:
“The law of nature is, do the thing, and you shall have the power: but they who do not the thing have not the power.”
—Ralph Waldo Emerson (1803–1882)
“I sat on cushioned otter-skin:
My word was law from Ith to Emain,
And shook at Invar Amargin
The hearts of the world-troubling seamen,
And drove tumult and war away....”
—William Butler Yeats (1865–1939)