With no explanation, chose the best option from "A", "B", "C" or "D". ... a shareholder's interest in a water company is personal property and is transferred as such." East Jordan Irr. Co. v. Morgan, 860 P.2d 310, 313 n. 9 (Utah 1993). As a matter of clarification, we fully appreciate the real property nature of water rights, and while stock memorializing the ownership of such may be classified as personal property, such stock, in fact, represents a real property interest. We further note that our holding squares with case law from other arid western states. See, e.g., Pacific States Sav. & Loan Corp. v. Schmitt, 103 F.2d 1002, 1004 (9th Cir.1939) (stating that under Nevada law, shares in mutual irrigation company appurtenant to land represent real property right); Twin Falls Land & Water Co. v. Twin Falls Canal Co., 7 F.Supp. 238, 246 (D.Idaho 1933) (<HOLDING>), aff'd, 79 F.2d 431 (9th Cir.1935), cert.

A: holding that water stock sold appurtenant to land represents an interest in water which is a real properly right
B: holding that article x  2 of the california constitution dictates the basic principles defining water rights that no one can have a protectible interest in the unreasonable use of water and that holders of water rights must use water reasonably and beneficially
C: holding that a water right is a property right created by a person appropriating unappropriated water and applying it to a beneficial use
D: holding that the amount of water rights appurtenant to the land is the amount that is being used thereon before and at the time of the sale
A.