Tex.
Water Code Section 15.704
Transfers and Conditions
(a)
A water right may be deposited in the water bank for an initial term of up to 10 years, unless otherwise held in the Texas Water Trust as established under Section 15.7031 (Texas Water Trust) of this code, during which time the water right is exempt from cancellation by the commission under the terms of Subchapter E (Definitions) of Chapter 11 (Water Rights) of this code. A water right is exempt from cancellation under this subsection only once even if it has been transferred or redeposited.(b)
The commission may not bring a cancellation action under Subchapter E (Definitions) of Chapter 11 (Water Rights) of this code for a 10-year period following commission approval of any necessary actions relating to a water right which has been transferred while on deposit in the water bank.(c)
A contract or option contract to allow use of a water right under this subchapter:(1)
may include a requirement that the purchaser show diligence in pursuing feasible and practicable alternative water supplies; and(2)
does not vest any right in the purchaser beyond the stated terms and conditions of the contract or option contract.
Source:
Section 15.704 — Transfers and Conditions, https://statutes.capitol.texas.gov/Docs/WA/htm/WA.15.htm#15.704 (accessed Jun. 5, 2024).
