If any person or his or her legal representatives to whom permission to erect a dam in virtue of this subchapter has been given shall fail to build, rebuild, or repair the dam, together with the mill or other machinery connected therewith, according to the requisitions of this subchapter or the conditions of the permission, it shall be lawful for any other person owning the land on one (1) side of the watercourse at the point where the dam was erected or was intended to be erected, or owning the land below or above, to build a dam and mill or other machinery thereon, as if no permission had been given, without incurring any liability on account of taking off or backing the water on the dam.