From the Fischer, Brown, Bartlett & Gunn – the Northern Colorado Law Center blog (Don Frick):
I’ve been seeing a lot of renewed interest in developing strategies for temporary water transfers, strategies, from what I have seen, that I do not expect to be particularly successful. The ideas that I have seen are not particularly new or novel – indeed, there has been no substantive change in the law which would allow temporary transfers where it did not before. At the end of the day, under existing law, and the current water court environment, it is extremely difficult to successfully implement a long-term strategy for short-term transfers of water in Colorado.
More water law coverage here.

We have recently convened a water sharing working group of producers, irrigation entities and domestic water providers in the Poudre Basin. We remain hopeful that we can develop site-specific approaches for the Poudre Basin that at least provide drought year firming, and more security for ag decrees and those own and rent water. At the very least we can develop agreements that lower the potential for conflict, cooperate on infrastructure improvements and provide temporary access to some agricultural water during drought years. The fact is that North Poudre shareholders have already committed to swaping the multiple-use portion of >1000 shares of NP stock for ag water (blackwater from the Poudre) in 2013 to help the City of Fort Collins have more access to CBT water in Horsetooth that is easier to treat in that water quality has not been affected by the High Park Fire. This is in and of itself already proof that water can be temporarily transferred/shared by those owning ag water and there is no reason that agreements of this kind and others can not be institutionalized for the longer term. It would be more helpful if those you who understand the legal framework regarding water would do some positive thinking and help us work on creative solutions. Continued “buy and dry” will eventually come back to haunt us. Lets work on alternative transfer methods.