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<br />WORlD BA.VK WATER SE.\lL'fAR <br />SeptEmber 8, 1994 <br />Hobbe Outline <br /> <br />MARKETS ESTABLISHED BY CUSTOM AND USE OF <br />WATER, A PUBLIC RESOURCE <br /> <br />MARKETS ARE CHARACTERIZED BY SECURITY, STABILITY AND FLEXIBILITY <br />IN THE RIGHT OF WATER USE <br /> <br />USUFRUCT: THE PRIVATE RIGHT OF USE <br /> <br />THE RIGHT TO USE WATER SECURED BY PLACING THE WATER TO A <br />BENEFICIAL USE <br /> <br />LOST BY THE INTENT TO ABANDON <br />MUST BE EFFECTUATED BY A REASONABLY EFFICIENT <br />MEANS OF DIVERSION <br />WITHOUT WASTE <br />NO INJURY TO SENIOR RIGHTS <br />TRANSFERABILITY ALLOWED WITHOUT INJURY TO ANY <br />OTHER WATER RIGHT RESULTING FROM THE TRANSFER <br /> <br />LIMITATIONS ON THE RIGHT OF USE <br /> <br />MUST BE EFFECTUATED AND IS ADMINISTERED ACCORDING TO A RIGHT OF <br />USE RECOGNIZED BY PERMIT OR DECREE <br /> <br />SUBJECT TO POLICE POWER OF STATE TO ADMINISTER RIGHTS VIS-A-VIS <br />ONE ANOTHER AND TO PROTECT AGAINST IMPAIRMENT OF QUALITY <br /> <br />TRANSFERABILITY SUBJECT TO NO INJURY TO OTHER WATER RIGHTS <br /> <br />THE PUBLIC TRUST (WHERE APPLICABLE) <br />THE NAVIGATION SERVITUDE <br /> <br />FEDERAL RESERVED WATER RIGHTS <br /> <br />WATER ORGANIZATIONS PERTINENT TO TRANSFERS IA COLORADO EXAMPLE) <br /> <br />WATER COURTS (ADJUDICATES WATER RIGHTS) <br /> <br />STATE ENGINEER (ADMINISTERS DECREED WATER RIGHTS) <br />-- DIVISION ENGINEER <br />-- WATER COMMISSIONERS <br /> <br />WATER CONSERVATION BOARD <br />(LOANS FUNDS FOR WATER PROJECT PURPOSES, MAINTAINS <br />STATE INSTREAM FLOW PROGRAM) <br />