Schmitt

(dissenting).

Upon the findings of fact, conclusions of law and the reasons set forth in the opinion of the District Court, this case should be affirmed. 20 F.Supp. 816 .

The appeal is from a decree in a suit to obtain a declaration that the plaintiff Reconstruction Finance Corporation is entitled to a lien upon stock of certain water companies claimed to be appurtenant to lands subject to a mortgage assigned to plaintiff. During the pendency of the action the mortgage was foreclosed and appellant, which had succeeded to the interest of the Reconstruction Finance Corporation, was substituted as party plaintiff.

The unchallenged findings of the trial court disclose the following: In 1930, and for many prior years, John G. Taylor owned lands in the Lovelock Valley which he irrigated with waters of the Humboldt River. He was the owner of shares of stock in the Humboldt-Lovelock Irrigation, Light & Power Company, the Young Ditch Company, the Union Canal Company and the Old Channel Ditch Company. The -ownership of this stock- — described in the findings as water stock — vested in him the ■right to use, in common with other shareholders, the reservoirs, ditches and other facilities of the named companies for the storage and distribution of water for use upon his lands. These lands are arid in character, having little or no value in the absence of…