(1) The State Land Board has exclusive jurisdiction to assert title to submerged or submersible lands in navigable waterways on behalf of the State of Oregon.
(2) The board shall not in any manner assert title to submerged or submersible lands in any waterway in this state unless either:
(a) A court having jurisdiction to determine title to real property in Oregon has determined that the waterway or part of the waterway is navigable and that determination is final; or
(b) The board has made a declaration under ORS 274.406 that contemplates the assertion of such title.