37-617. Method of exchange; valuation
A. Exchange of road rights-of-way over state lands managed by the state land department may be initiated by application of the owner of the road rights-of-way over other lands proposed to be exchanged upon forms provided by the state land department.
B. Upon the filing of an exchange application, the state land department shall immediately appraise the values of all road rights-of-way over lands described in the application to establish the full cash value thereof. The appraised value of road rights-of-way over state lands being exchanged shall, in the opinion of the state land department, be substantially the same as the appraised value of the road rights-of-way over land sought by the application to be exchanged for road rights-of-way over lands managed by the state land department.
C. The land department shall appraise the permanent improvements on the road rights-of-way over state lands offered in exchange in accordance with section 37-322 and the applicant shall pay the value thereof to the state land department upon demand, and the land department shall pay the same to the owner of said improvements on the effective date of the exchange or in lieu thereof the applicant shall submit an agreement between the owner of the improvements and the applicant relieving the state of Arizona and land department and commissioner of all duty to effect due compensation for such improvements to the owner thereof.