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
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Terms Used In Utah Code 73-1-4.5
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Utah Code: means the 1953 recodification of the Utah Code, as amended, unless the text expressly references a portion of the 1953 recodification of the Utah Code as it existed:(42)(a) on the day on which the 1953 recodification of the Utah Code was enacted; or(42)(b)(42)(b)(i) after the day described in Subsection (42)(a); and(42)(b)(ii) before the most recent amendment to the referenced portion of the 1953 recodification of the Utah Code. See Utah Code 68-3-12.5(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.(1)(b) The water company shall make an apportionment if a court of proper jurisdiction makes a final decision that a loss has occurred.(1)(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.(1)(d) The water company may take any action under this Subsection (1), whether the loss occurred:(1)(d)(i) under Utah Code Annotated Section 73-1-4, including losses that occur as part of a general determination under Title 73, Chapter 4, Determination of Water Rights; or(1)(d)(ii) through any other decision by a court of proper jurisdiction.(2)(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.(2)(b) The number of shares owned by that shareholder shall be reduced accordingly on the records of the company.(2)(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.