Texas Water Code 15.701 – Definitions
Terms Used In Texas Water Code 15.701
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
In this subchapter:
(1) “Deposit” means the placement of a water right or the right to use water in the water bank for transfer.
(2) “Depositor” means a person who deposits or has on deposit a water right in the water bank or trust.
(3) “Person” includes but is not limited to any individual, corporation, organization, government, or governmental subdivision or agency, including the board, business trust, estate, trust, partnership, association, and any other legal entity.
(4) “Transfer” means the conveyance of a water right or the right to use water under a water right in any of the following manners:
(A) the conveyance of legal title to a water right; or
(B) a contract or option contract to allow use of a water right.
(5) “Trust” means the Texas Water Trust.
(6) “Water bank” or “bank” means the Texas Water Bank.
(7) “Water right” means a right acquired or authorized under the laws of this state to impound, divert, or use state water, underground water, or water from any source to the extent authorized by law.