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:
“They are free, but not entirely free. For Law is despot over them, and they fear him much more than your men fear you.”
—Herodotus (c. 484–424 B.C.)
“What, then, is the true Gospel of consistency? Change. Who is the really consistent man? The man who changes. Since change is the law of his being, he cannot be consistent if he stick in a rut.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)