(1) On July 1 of the second calendar year following the local school board elections for a new school district and a reorganized new school district under this part, the divided school district's local school board shall convey and deliver to the new school district local school board and the reorganized new school district local school board all school property to which each new school district is entitled.
(2) Title vests in the new local school board, including all rights, claims, and causes of action to or for the property, for the use or the income from the property, for conversion, disposition, or withholding of the property, or for any damage or injury to the property.
(3) The new local school board may bring and maintain actions to recover, protect, and preserve the property and rights of the district's schools and to enforce contracts.