In this subchapter:
(1) "Deposit" means the placement of a water right or the right to use water in the water bank for transfer.
(2) "Depositor" means a person who deposits or has on deposit a water right in the water bank or trust.
(3) "Person" includes but is not limited to any individual, corporation, organization, government, or governmental subdivision or agency, including the board, business trust, estate, trust, partnership, association, and any other legal entity.
(4) "Transfer" means the conveyance of a water right or the right to use water under a water right in any of the following manners:
(A) the conveyance of legal title to a water right; or
(B) a contract or option contract to allow use of a water right.
(5) "Trust" means the Texas Water Trust.
(6) "Water bank" or "bank" means the Texas Water Bank.
(7) "Water right" means a right acquired or authorized under the laws of this state to impound, divert, or use state water, underground water, or water from any source to the extent authorized by law.