The Full Wiki

99-year lease: Wikis

Advertisements
  
  

Note: Many of our articles have direct quotes from sources you can cite, within the Wikipedia article! This article doesn't yet, but we're working on it! See more info or our list of citable articles.

Encyclopedia

From Wikipedia, the free encyclopedia

A 99-year lease was, under historic common law, the longest possible term of a lease of real property. It is no longer the law in most common law jurisdictions today, yet 99-year leases continue to be common as a matter of business practice and conventional wisdom.

Contents

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.[1][2]

In the law of several US states, a 99-year lease continues to be the longest possible contract for realty by statute, but many have enacted shorter terms and some allow infinite terms.[3]

Interestingly, 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.

Historic examples

The British famously had a 99-year lease, or concession, to Hong Kong New Territories from China from 9 June 1898 to 1 July 1997.[4] The Guantanamo Bay Naval Base started as a 99-year lease in 1903 from the first president of Cuba to the United States.[5] The Lend-Lease program of the 1940 was enabled by 99-year lease of British bases on several islands (Gander International Airport in Newfoundland).

Notable examples

References

  1. ^ Mortgage News Daily web site article on a 99-year lease. Accessed 20 February 2008.
  2. ^ Cecil Adams, Why are leases made for 99-year terms?, 22 July 1977, found at The Straight Dope article on 99-year lease. Accessed 20 February 2008.
  3. ^ Law Office of James Kaklamanos web site page on 99-year lease. Accessed 20 February 2008.
  4. ^ "British History Timeline". BBC. 2005. http://www.bbc.co.uk/history/british/timeline/present_timeline_noflash.shtml. Retrieved 21 February 2008.  
  5. ^ Olga Miranda Bravo, Vecinos Indeseables: La Base Yanqui en Guantánamo (La Habana: Editorial Ciencias Sociales, 1998).
  6. ^ Donna Winchester, Dali Museum gets 99-year lease: Its new building will go up on St. Petersburg's downtown waterfront, St. Petersburg Times, 30 November 2007. Found at Dali Museum gets 99-year lease article from St. Petersburg Times. Accessed 20 February 2008.

See also

Advertisements

Advertisements






Got something to say? Make a comment.
Your name
Your email address
Message