(1) All rights, claims, and causes of action to or for any property vested in an institution of higher education prior to the effective date of this chapter, or the use of or income from the property, or for any conversion, disposition, and withholding of the property, or for any damage or injury to the property vests in the institution.
(2) The institution may bring and maintain actions in the institution's corporate name to recover, protect, and preserve all property and rights of the institution and enforce any contract relating to those rights and property.