Adaven Management, Inc. v. Mountain Falls Acquisition Corp.

OPINION

By the Court,

Hardesty, J.:

In this appeal, we consider whether water rights may be transferred separately from the property to which they are appurtenant without prior severance under NRS 533.040. We also consider whether the anti-speculation doctrine adopted by this court in Bacher v. State Engineer 2 limits the ability to acquire a security or ownership interest in a water right separately from the land to which the right is appurtenant. Because NRS 533.040 and the anti-speculation doctrine focus on maintaining water’s beneficial use, not its ownership, we conclude that such transfers…