Section 16(2) in The U.P. Sahkari Gram Vikas Banks Act, 1964
(2)No such power shall be exercised unless-(a)a notice in writing requiring payment of such mortgage money or part has been served upon-(i)the mortgagor or each of the mortgagors;(ii)any person who has to the knowledge of the bank any interest in or charge upon the property mortgaged or right to redeem the same;(iii)any surety for the payment of the mortgage debt or any part thereof; and(iv)any creditor of the mortgagor who has in a suit for the administration of his estate obtained a decree for sale of the mortgaged property;(b)default in payment of such mortgage money or part thereof continued beyond three months after such service; and(c)the Board has, after hearing the objections, if any, of the mortgagor or any other person mentioned in clause (a) authorised the exercise of such power.
