Change Ownership Of Shares In Salt Lake
Description
Form popularity
FAQ
Appurtenant water rights pass to grantee of land -- Exceptions -- Conveyance of a portion of irrigated land -- Right to the use of water evidenced by shares of stock -- Appurtenant water rights -- Evidence -- Where appurtenant -- Partial conveyances of water and land.
State statutes provide that all water is the property of the public. Rights to use water are administered through the Division of Water Rights. Much of the State of Utah is closed to new appropriations of water, so people proposing new projects may have to obtain existing rights and amend them for new developments.
Once you have decided to transfer the shares, you will have to fill out a Stock Transfer Form in order to legally transfer the shares. At this point in time, there is no need to inform Companies House, this will be done during your next Confirmation Statement.
A. Under this statute, an action based in contract or warranty must be brought within six years of the date of completion of the improvement or abandonment of construction. However, the statute allows parties to change this period through an express provision in a contract or warranty.
Unlike many states, in Utah all water (above or below the ground) is owned by the public. Here's the tricky part: to use water in Utah, you need permission from the state. The State Engineer's Office apportions the water through the Utah Division of Water Rights.
Utah's maximum interest rate is 10% absent a contract, and charging more than the legal rate, (known as “usury”) is a felony.
A water right, whether evidenced by a decree, a certificate of appropriation, a diligence claim to the use of surface or underground water, or a water user's claim filed in general determination proceedings, shall be transferred by deed in substantially the same manner as is real estate.
One of the biggest differences between water shares and rights is that water rights are considered “real property.” Water rights require a deed to be filed with your local county recorder's office. Remember, buying land in Utah doesn't automatically mean buying water.
Contact your broker to get the appropriate forms to complete. The process will be simpler if the new owner also has or will have an account with the same broker, because no change in the actual registration of the shares will be necessary. The broker will simply make the transfer on its own internal books.
