(1) A water right may be deposited with a water bank pursuant to an approved change application filed under Section 73-3-3 or 73-3-3.5.
(2) The state engineer may not approve a change application that authorizes the use of a water right within a water bank for any period of time that exceeds December 31, 2030.
(3) A banked water right is excused from beneficial use requirements pursuant to Subsection 73-1-4(2)(e)(xi).
(4) A depositor of a banked water right may use the banked water right in its heretofore use if:
(a) the depositor does so under the authority, control, and accounting of the water bank;
(b) the water bank informs the state engineer that the depositor's heretofore use is consistent with the water bank's operating procedures for loaned water rights; and
(c) during the time the depositor uses the banked water right in its heretofore use, the water bank does not allow the banked water right to be used for other uses within the water bank.
(5) If an entity authorized to condemn a water right leases a water right under this chapter, the entity may not begin the process of condemning the water right:
(a) while the entity leases the water right under this chapter; or
(b) within five years after the day on which the entity's lease of the water right under this chapter ends.