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ADAVEN MGMT., INC. v. MOUNTAIN FALLS ACQUISITION CORP.

No. 48429.

191 P.3d 1189 (2008)

ADAVEN MANAGEMENT, INC., A Nevada Corporation, Appellant, v. MOUNTAIN FALLS ACQUISITION CORPORATION, A Nevada Corporation; and Commercial Federal Corporation, A Foreign Corporation d/b/a Commercial Federal Bank, Respondents.

Supreme Court of Nevada.

September 11, 2008.

Attorney(s) appearing for the Case

Harrison, Kemp, Jones & Coulthard, LLP, and Jennifer C. Dorsey, Las Vegas; Taggart & Taggart, Ltd., and Paul G. Taggart, Carson City, for Appellant.

Hale Lane Peek Dennison & Howard and Jeremy J. Nork and Rachel K. McLendon Kent, Reno, for Respondents.

Jones Vargas and John P. Sande, III, Megan Barker Bowen, and Erin E. Dart, Reno, for Amicus Curiae.

BEFORE THE COURT EN BANC.

OPINION

By the Court, HARDESTY, J.:

In this appeal, we consider whether water rights may be transferred separately from the property to which they are appurtenant without prior severance under NRS 533.040. We also consider whether the anti-speculation doctrine adopted by this court in Bacher v. State Engineer2 limits the ability to acquire a security or ownership interest in a water right separately from the land...

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