A California Court of Appeal (Fifth District) (“Court”) addressed in a March 14th Opinion whether water in an aquifer could be personal property. … The land and attached improvements were appraised in 2019 at $14,985,000. The appraisal excluded any subsurface water or mineral rights. In addition, the appraisal indicated that due to two perpetual United States Fish and Wildlife conservation easements, that the land was limited to its current use as an irrigated and dry pasture ranch with some lower intensity farming uses. The trial court had held, and this Court agreed that: Water was not personal property owned by 4-S; and, Rights to use of the water ran with the land and therefore the lender acquired those rights at the foreclosure sale.