The Commissioner enters into exchanges initiated by other governmental entities and/or private parties when the exchange offers financial and other benefits to the trust and beneficiaries. Exchanges also may be initiated by the Commissioner. Often the exchange partners are themselves beneficiaries, such as the University of New Mexico.
The Commissioner places a priority on holding and not selling land assets that are legacies for present and future generations, including those lands acquired through exchanges. There are some instances where sale of trust lands can be in the best interests of the trust.
See Rule 19.2.21 for more information.