This project enables list fields to populate their allowed values from a field on a referenced entity. For example, the Project issue tracking module reads the allowed values of the component list field on issue nodes from a field on a project (which can be found through an entityreference).

Note: this module requires Drupal core 7.14 or later, since it depends on the changes introduced at #1541792: Enable dynamic allowed list values function with additional context
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Here's an example of how to use it:

This module was written by chx alone, don't blame bdragon for it.