§ 41-3-747 — Contracts for use of water; means of owners meeting annual installment payments

(a) To meet the annual installments as provided in
contracts for the use of water:
(i) A water users' association may bind itself to
levy an annual assessment on the use of water and to secure same
by liens on land and water rights or in such manner as may be
provided by law;
(ii) Mutual ditch or irrigation company may bind
itself by mortgage upon its irrigation works and system and/or
to levy annual assessments upon its stockholders; and
(iii) Any person or corporation landowner may create
a mortgage lien upon lands and/or give other security
satisfactory to the board; and all such contracts shall provide
for forfeiture of the use of water for nonpayment of assessments
and/or installments in the same manner and procedure as provided
by statute for forfeiture of stock in a mutual ditch company.