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 words the law and/or law:
“The law of nature is alternation for evermore. Each electrical state superinduces the opposite. The soul environs itself with friends, that it may enter into a grander self-acquaintance or solitude; and it goes alone for a season, that it may exalt its conversation or society.”
—Ralph Waldo Emerson (1803–1882)
“I am now quite lame, from scuffling, all my fingers stiffened by playing ball. Pretty business for a law student. Yes, pretty enough; why not? Good exercise and great sport.”
—Rutherford Birchard Hayes (1822–1893)
“Who to himself is law, no law doth need, Offends no law, and is a king indeed.”
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