Rule Against Perpetuities Amendments

HB 292 clarifies that water right subordination agreements - written arrangements where a water rights holder agrees to let another right take priority - do not create long-term property interests subject to Utah's rule against perpetuities. This affects water rights holders, state engineers, and anyone involved in water rights transactions, as it removes uncertainty about these agreements triggering the rule. The bill defines key terms like "water right" and "person with control of a water right," and explicitly states these changes apply retroactively to past agreements. It makes no new financial commitments and is a technical legal clarification, not a policy shift.