Utah § 73-1-4.5 - Authorization for water companies to allocate water rights lost by forfeiture or nonuse -- Redemption and retirement of water shares.
Full text of Utah Utah Code § 73-1-4.5 — Authorization for water companies to allocate water rights lost by forfeiture or nonuse -- Redemption and retirement of water shares., with citation guidance and answers to common questions.
§ 73-1-4.5. Authorization for water companies to allocate water rights lost by forfeiture or nonuse -- Redemption and retirement of water shares.
Effective 5/9/2017 73-1-4.5.
Authorization for water companies to allocate water rights lost by forfeiture or nonuse -- Redemption and retirement of water shares.
(1)
(a)
If a water right, to which a water company holds title, ceases or is lost due to forfeiture or abandonment for lack of beneficial use, in whole or in part, the water company shall, through procedures consistent with this section, and as defined in the company's articles of incorporation or bylaws, apportion the loss to each stockholder whose failure to make beneficial use caused the loss of the water right.
(b)
The water company shall make an apportionment if a court of proper jurisdiction makes a final decision that a loss has occurred.
(c)
The water company shall also reduce the amount of water provided to the shareholder in proportion to the amount of the lost water right during an appeal of a decision that reduced the company water rights, unless otherwise ordered by a court of proper jurisdiction.
(d)
The water company may take any action under this Subsection (1), whether the loss occurred:
through any other decision by a court of proper jurisdiction.
(2)
(a)
If the water company apportions a water right under Subsection (1), a sufficient number of shares to account for the water right lost, including necessary transport or "carrier water" losses, shall be treated by the water company as shares redeemed by the company from the stockholder responsible for the loss.
(b)
The number of shares owned by that shareholder shall be reduced accordingly on the records of the company.
(c)
Upon the redemption, the authorized shares of the company shall be reduced by the amount of shares that were redeemed under this Subsection (2).
(3)
The redemption and retirement under this section of shares belonging to a stockholder does not relieve the stockholder of liability for unpaid assessments on the stock or debts the shareholder may owe to the water company.
Section 73-1-4.5 ("Authorization for water companies to allocate water rights lost by forfeiture or nonuse -- Redemption and retirement of water shares.") is part of the Utah Code, the codified statutory law of Utah. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Utah § 73-1-4.5?
A common citation format is "Utah Code § 73-1-4.5" (Utah). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Utah law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.
How does Utah § 73-1-4.5 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah can advise on how this section applies to you. Contact your state or local bar association for a referral.
