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:
“Here, lads, we live by the law of the taiga. But even here people manage to live. D’you know who are the ones the camps finish off? Those who lick other men’s left-overs, those who set store by the doctors, and those who peach on their mates.”
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