(1) Any person or agency allocated conserved water under ORS 537.470 may reserve the water in stream for future out-of-stream use or otherwise use or dispose of the conserved water. Any person or agency to whom conserved water is allocated shall notify the commission of the dispensation of the right to the use of conserved water. The notice shall include: (a) The name and address of the person buying or leasing the right to the use of conserved water; (b) The use to which the conserved water is to be put; and (c) The terms of any agreement between the appropriator and the person using the conserved water. (2) Notwithstanding any other provision of law, a person who holds a water right permit or certificate having a subsequent priority to a certificate issued under ORS 537.470 may not acquire a vested right to any water or return flow of water that results from either the lease of the right to the use of conserved water or the reservation of conserved water in stream for future use under subsection (1) of this section. (3) Any right to the use of conserved water sold under subsection (1) of this section: (a) Shall become appurtenant to the premises upon which the purchaser uses the water; and (b) Shall be subject to the provisions of ORS 540.505 to 540.586 and 540.610 to 540.650. (4) When the commission receives notice of the sale of the right to the use of conserved water under subsection (1) of this section, the commission shall issue to the purchaser a new water right certificate covering the right to the use of conserved water that was sold. The certificate shall indicate the priority of the water right according to the provisions of ORS 537.485. Note: See note under 537.455.
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