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:
“A strong person makes the law and custom null before his own will.”
—Ralph Waldo Emerson (1803–1882)
“The great King of kings
Hath in the table of his law commanded
That thou shalt do no murder. Will you then
Spurn at his edict, and fulfill a man’s?
Take heed; for he holds vengeance in his hand
To hurl upon their heads that break his law.”
—William Shakespeare (1564–1616)