(1) (a) In accordance with rules of the director, trust lands or other trust assets may be exchanged for other land or other assets. (b) The director shall deliver the necessary patents to other proprietors and receive proper deeds for the lands exchanged. (c) The director shall issue, deliver, and accept conveyance documents in land exchanges in accordance with accepted real estate closing practices. (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. (b) The state shall honor all vested rights upon acceptance of exchanged lands.
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