(1) All land which has formed or may form in the navigable waters of this state, and within the original boundaries of a former owner of land upon such waters, shall belong to and the title thereto shall vest in the former owner, his or her heirs or assigns, or in whoever may have lawfully succeeded to the right of the former owner therein.
(2) Nothing in this section shall be construed to affect the rights or interests of third parties in any such land acquired before the passage of this section.