Utah Statutes
§ 53C-4-301 — Exchange of trust lands -- Based on equal value -- Lands encumbered by a lease.
Utah·Title 53C School and Institutional Trust Lands Management Act·Ch. 53C-4 Sales, Exchanges, and Leases of Trust Lands·Part 53C-4-3 Exchanges and Grants
(1)(1)(a) In accordance with rules of the director, trust lands or other trust assets may be exchanged for other land or other assets.
(1)(b) The director shall deliver the necessary patents to other proprietors and receive proper deeds for the lands exchanged.
(1)(c) The director shall issue, deliver, and accept conveyance documents in land exchanges in accordance with accepted real estate closing practices.
(2)(2)(a) If trust lands are encumbered by an existing lease, the director may, upon approval of an exchange, and with the consent of the lessee, terminate the existing lease and issue a lease of the same type on lands which may be acquired in the same exchange in which the leased lands are used as base.
(2)(b) The state shall honor all vested rights upon acceptance of exchanged lan
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Utah § 53C-4-301 (Exchange of trust lands -- Based on equal value -- Lands encumbered by a lease.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Related
Cook Associates., Inc. v. Utah School & Institutional Trust Lands Administration
2010 UT App 284 (Court of Appeals of Utah, 2010)
Legislative History
Amended by Chapter 247, 2011 General Session
Nearby Sections
15
§ 53C-1-101
Title.§ 53C-1-102
Purpose.§ 53C-1-103
Definitions.§ 53C-1-203
Board of trustees nominating committee -- Composition -- Responsibilities -- Per diem and expenses.§ 53C-1-204
Policies established by board -- Director.§ 53C-1-304
Rules to ensure procedural due process -- Board review of director action -- Judicial review.§ 53C-1-307
Annual report.