53C-4-301 - Exchange of trust lands -- Based on equal value -- Lands encumbered by a lease. - Utah Statutes

53C-4-301. Exchange of trust lands -- Based on equal value -- Lands encumberedby a lease.
(1) (a) In accordance with rules of the director, trust lands or other trust assets may beexchanged for other land or other assets.
(b) The director, upon authorization from the governor, shall execute and deliver thenecessary patents to other proprietors and receive proper deeds for the lands exchanged.
(c) The director may not make an exchange until a deed or patent for the land received inexchange has been issued by the proprietors.
(2) (a) If trust lands are encumbered by an existing lease, the director may, upon approvalof an exchange, and with the consent of the lessee, terminate the existing lease and issue a leaseof the same type on lands of comparable acreage or value which may be acquired in the sameexchange in which the leased lands are used as base.
(b) The state shall honor all vested rights upon acceptance of exchanged lands.

Amended by Chapter 40, 2004 General Session