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Utah water law uses a "first in time, first in right" priority system, meaning older water rights get first access during shortages. Sometimes water right holders enter into "subordination agreements," voluntarily agreeing to let their senior right temporarily yield to a junior right — a useful flexibility tool in water management. A longstanding legal doctrine called the rule against perpetuities limits how long certain property interests can remain unresolved, and there has been uncertainty about whether these subordination agreements might run afoul of that rule. This bill clarifies that water right subordination agreements do not create the kind of unresolved property interest that the rule against perpetuities governs, and it applies that clarification retroactively to existing agreements.