(a) When the place of use described in an application, permit, or license is divided into two or more ownerships and each of the owners succeeds to a separate interest in the application, permit or license, the board may issue separate permits or licenses covering the interest held by each owner. The separate permits or licenses shall replace any existing permit or license previously issued for the same use and shall contain the same terms to the extent they are applicable. The existing permit or license will then be revoked. The priority of the rights will not be affected and each of the permits or licenses will bear the same number as the replaced instrument plus a distinguishing letter designation.

(b) Issuance of separate permits and licenses in accordance with subsection (a) shall not be construed as a determination by the board that the water right has necessarily been fully maintained by continuous beneficial use and by observance of the law and provisions of the permit or license.