Utah Code 53C-4-301. Exchange of trust lands — Based on equal value — Lands encumbered by a lease
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Terms Used In Utah Code 53C-4-301
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Land: includes :(18)(a) land;(18)(b) a tenement;(18)(c) a hereditament;(18)(d) a water right;(18)(e) a possessory right; and(18)(f) a claim. See Utah Code 68-3-12.5
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
- trust lands: means those properties granted by the United States in the Utah Enabling Act to the state in trust, and other lands transferred to the trust, which must be managed for the benefit of:
(8)(a) the state's public education system; or(8)(b) the institutions of the state which are designated by the Utah Enabling Act as beneficiaries of trust lands. See Utah Code 53C-1-103(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 lands.