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)
“It is the way unseen, the certain route,
Where ever bound, yet thou art ever free;
The path of Him, whose perfect law of love
Bids spheres and atoms in just order move.”
—Jones Very (1831–1880)
“The decisions of law courts should never be printed: in the long run, they form a counterauthority to the law.”
—Denis Diderot (1713–1784)