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A fee simple subject to condition subsequent may terminate by being cut short or divested by the transferor or his heirs exercising a right of entry. An estate conditioned on the grantor's power to end the estate if a specified named event occurs. The future interest retained is called a power of termination or a right of entry.
The power of termination for breach of a condition subsequent is in New Jersey an assignable and hence a saleable property interest. Southard v. Central R. Co. of New Jersey, 26 N.J.L. 13 (Sup. Ct. 1856); Bouvier v. Baltimore and N.Y. Railway Co., 67 N.J.L. 281 (E. & A. 1902). There is a distinction recognized in the cases between a waiver of the time for performance and a waiver of the performance itself. Kampman v. Kampman, 98 Ark. 328, 135 S.W. 905 (Sup. Ct. 1911); Firth v. Los Angeles Pacific Land Co., 28 Cal. App. 399, 152 P. 935 (App. Ct. 1915); Chalker v. Chalker, 1 Conn. 79, 6 Am. Dec. 206 (1814); Plummer v. Worthington, 321 Ill. 450, 152 N.E. 133 (Sup. Ct. 1926); Ludlow v. New York & H.R. Co., 12 Barb. 440 (1852); Duryee v. ...
