Current Oracle Text
When Gilded Drake comes into play, choose one - sacrifice Gilded Drake; or exchange control of Gilded Drake and target creature an opponent controls. If you can't make the exchange, sacrifice Gilded Drake. This ability can't be countered. (This effect doesn't end at end of turn.)
From the Ask the Judge database
Q: If I put the ability of Gilded Drake into stack, targeting legal target and my opponent kills Gilded Drake with Terror, does the exchange still take place?
A: No. When the ability resolves, the things that will be exchanged need to be present. Otherwise, nothing happens.
Argh.
