37-444

37-444. Offset against rent due from trust
beneficiaries; substituting trust designations

A. If a state agency or institution that leases a parcel of trust land is also a
beneficiary of that trust, the department may offset trust proceeds to the agency against
the rent due from the agency or institution. The amount of the offset shall be included
in the agency's or institution's beneficiary account under the trust and shall be
recorded by the department and the agency or institution in accordance with generally
accepted accounting principles.

B. The commissioner, with the approval of the selection board, may transfer and
substitute the designation of trust land parcels between land grant trusts if the parcels
have substantially equal value and the substitution would permit an offset under
subsection A against the rent due from a state agency or institution that leases one of
the parcels.