(1) As used in this section, "valid existing right" means an interest in property that a person secures by meeting the requirements of this section.
(2) A property right associated with a grazing allotment on public lands is a valid existing right if the owner of the grazing allotment:
(a) has a valid permit or lease issued by a federal agency that authorizes the permit or lease holder to use the public lands for grazing domestic livestock;
(b) grazes the land in a manner consistent with sustained yield;
(c) is able to demonstrate that the lands included in the grazing allotment covered by the permit are chiefly valuable for grazing; and
(d) obtains the preference rights to the lease or permit described in Subsection (2)(a) and begins grazing livestock on the public lands before a final decision by a federal agency to withdraw the public lands from use for livestock grazing.