A 99-year lease was, under historic

common law In law, common law (also known as judicial precedent, judge-made law, or case law) is the body of law created by judges and similar quasi-judicial tribunals by virtue of being stated in written opinions."The common law is not a brooding omniprese ...

, the longest possible term of a lease of

real property In English common law, real property, real estate, immovable property or, solely in the US and Canada, realty, is land which is the property of some person and all structures (also called improvements or fixtures) integrated with or aff ...

. It is no longer the law in most common law

jurisdiction Jurisdiction (from Latin 'law' + 'declaration') is the legal term for the legal authority granted to a legal entity to enact justice. In federations like the United States, areas of jurisdiction apply to local, state, and federal levels. J ...

s today, yet 99-year leases continue to be common as a matter of business practice and

conventional wisdom The conventional wisdom or received opinion is the body of ideas or explanations generally accepted by the public and/or by experts in a field. In religion, this is known as orthodoxy. Etymology The term is often credited to the economist John ...

The law

Under the traditional

doctrine, the 99-year term was not literal, but merely an arbitrary time span beyond the life expectancy of any possible lessee (user) or lessor (owner).

William Blackstone Sir William Blackstone (10 July 1723 – 14 February 1780) was an English jurist, judge and Tory politician of the eighteenth century. He is most noted for writing the ''Commentaries on the Laws of England''. Born into a middle-class family ...

(1723–1780, of

Commentaries on the Laws of England The ''Commentaries on the Laws of England'' are an influential 18th-century treatise on the common law of England by Sir William Blackstone, originally published by the Clarendon Press at Oxford, 1765–1770. The work is divided into four volum ...

fame) states that a lease was formerly limited to 40 years, although much longer leases (for 300 years, or 1000 years) were in use by the time of

Edward III Edward III (13 November 1312 – 21 June 1377), also known as Edward of Windsor before his accession, was King of England and Lord of Ireland from January 1327 until his death in 1377. He is noted for his military success and for restoring r ...

. The 40-year limit was based on the unreliable text "

The Mirror of Justices ''The Mirror of Justices'', also known in Anglo-Norman as ''Le mireur a justices'' and in Latin as ''Speculum Justitiariorum'', is a law textbook of the early 14th century, written in Anglo-Norman French by Andrew Horn (or Horne). The original ...

" (book 2, chapter 27). In the law of several US states, a 99-year lease will always be the longest possible contract for realty by

statute A statute is a formal written enactment of a legislative authority that governs the legal entities of a city, state, or country by way of consent. Typically, statutes command or prohibit something, or declare policy. Statutes are rules made by ...

, but many states have enacted shorter terms and some allow infinite terms. Due to the influence of the ideas of

Henry George Henry George (September 2, 1839 – October 29, 1897) was an American political economist and journalist. His writing was immensely popular in 19th-century America and sparked several reform movements of the Progressive Era. He inspired the eco ...

at the time the

Australian Capital Territory The Australian Capital Territory (commonly abbreviated as ACT), known as the Federal Capital Territory (FCT) until 1938, is a landlocked federal territory of Australia containing the national capital Canberra and some surrounding township#Aust ...

(ACT) was established in the early 20th century, all land in the ACT is held under 99-year leases, the first of which will expire in 2023. The 99-year lease concept has been more common under the civil law

regime In politics, a regime (also "régime") is the form of government or the set of rules, cultural or social norms, etc. that regulate the operation of a government or institution and its interactions with society. According to Yale professor Juan Jo ...

s when it comes to concessions of territory: most concessions last for 99 years.

Examples

Destroyers for Bases Agreement The destroyers-for-bases deal was an agreement between the United States and the United Kingdom on September 2, 1940, according to which 50 , , and US Navy destroyers were transferred to the Royal Navy from the US Navy in exchange for land rig ...

- leased old U.S. Navy

destroyer In naval terminology, a destroyer is a fast, manoeuvrable, long-endurance warship intended to escort larger vessels in a fleet, convoy or battle group and defend them against powerful short range attackers. They were originally developed ...

s to the

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and ...

in exchange for the right to construct

U.S. Armed Forces The United States Armed Forces are the military forces of the United States. The armed forces consists of six service branches: the Army, Marine Corps, Navy, Air Force, Space Force, and Coast Guard. The president of the United States is the ...

bases in the

British Empire The British Empire was composed of the dominions, colonies, protectorates, mandates, and other territories ruled or administered by the United Kingdom and its predecessor states. It began with the overseas possessions and trading posts e ...

, including

Newfoundland Newfoundland and Labrador (; french: Terre-Neuve-et-Labrador; frequently abbreviated as NL) is the easternmost province of Canada, in the country's Atlantic region. The province comprises the island of Newfoundland and the continental region ...

, the British West Indies, and

British Guiana British Guiana was a British colony, part of the mainland British West Indies, which resides on the northern coast of South America. Since 1966 it has been known as the independent nation of Guyana. The first European to encounter Guiana was ...

Americas

* Boston Museum of Science - leased by the Boston municipal government to the Metropolitan District Commission *

Castaway Cay Disney's Castaway Cay, or simply Castaway Cay (), is a private island in the Bahamas which serves as an exclusive port for the Disney Cruise Line ships. It is located near Great Abaco Island and was formerly known as Gorda Cay. In 1997, The Walt ...

- leased to

Disney The Walt Disney Company, commonly known as Disney (), is an American multinational mass media and entertainment conglomerate headquartered at the Walt Disney Studios complex in Burbank, California. Disney was originally founded on October ...

by the Bahamian government in 1996 * Ontario Highway 407 Express Toll Route - leased to private company by the Ontario provincial government under Premier Mike Harris for C$3.1 billion. *

Panama Canal The Panama Canal ( es, Canal de Panamá, link=no) is an artificial waterway in Panama that connects the Atlantic Ocean with the Pacific Ocean and divides North and South America. The canal cuts across the Isthmus of Panama and is a condui ...

Panama Panama ( , ; es, link=no, Panamá ), officially the Republic of Panama ( es, República de Panamá), is a transcontinental country spanning the southern part of North America and the northern part of South America. It is bordered by Co ...

leased the canal and the surrounding zone to the

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country Continental United States, primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., ...

during the 20th century. Returned to full Panamanian control by 1999 under the 1977 Torrijos-Carter treaties.

Asia

British Hong Kong Hong Kong was a colony and later a dependent territory of the British Empire from 1841 to 1997, apart from a period of occupation under the Japanese Empire from 1941 to 1945 during the Pacific War. The colonial period began with the British ...

- The Convention for the Extension of Hong Kong Territory resulted in the 99-year lease of the

New Territories The New Territories is one of the three main regions of Hong Kong, alongside Hong Kong Island and the Kowloon Peninsula. It makes up 86.2% of Hong Kong's territory, and contains around half of the population of Hong Kong. Historically, it ...

from the

Qing Empire The Qing dynasty ( ), officially the Great Qing,, was a Manchu people, Manchu-led Dynasties in Chinese history, imperial dynasty of China and the last orthodox dynasty in Chinese history. It emerged from the Later Jin (1616–1636), La ...

to the British Empire in 1898. Hong Kong Island and the Kowloon Peninsula had already been ceded to the British in perpetuity after the

Opium Wars The Opium Wars () were two conflicts waged between China and Western powers during the mid-19th century. The First Opium War was fought from 1839 to 1842 between China and the United Kingdom, and was triggered by the Chinese government's ...

. Returned to full control of the

People's Republic of China China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's List of countries and dependencies by population, most populous country, with a Population of China, population exceeding 1.4 billion, slig ...

in the 1997 Hong Kong handover. * Magampura Mahinda Rajapaksa Port -

Sri Lanka Sri Lanka (, ; si, ශ්‍රී ලංකා, Śrī Laṅkā, translit-std=ISO (); ta, இலங்கை, Ilaṅkai, translit-std=ISO ()), formerly known as Ceylon and officially the Democratic Socialist Republic of Sri Lanka, is an ...

to China

References

{{DEFAULTSORT:99-Year Lease Real property law Common law Contract law

The law

Examples

Americas

Asia

See also

References