Section 1. Section 75-2-1210 is enacted to read:75-2-1210. Water right subordination agreements not subject to the rule against perpetuities.(1)As used in this section:(a)"Person with control of a water right" means:(i)the holder of a water right approved by the state engineer in accordance with Title 73, Chapter 3, Appropriation;(ii)the record owner of a perfected water right; or(iii)a person who has written authorization from a person described in Subsection (1)(a)(i) or (ii) to enter into a water right subordination agreement.(b)"Water right" means:(i)a right to use water evidenced by any means identified in Section 73-1-10; or(ii)a right under an application that the state engineer approves under Title 73, Chapter 3, Appropriation:(A)to appropriate water;(B)for a change of use of water; or(C)for the exchange of water.(c)"Water right subordination agreement" means a written agreement in which a person with control of a water right consents to a water right standing in order of priority behind one or more water rights that would otherwise be junior in priority.(2)A water right subordination agreement does not create a nonvested property interest that is subject to:(a)this chapter; or(b)the common law rule against perpetuities.(3)This section applies retroactively.