Section 333B(c) in The U.P. Municipalities Act, 1916
(c)all property within the municipal area of the newly constituted municipality, including the rights or benefits subsisting under any deed, contract, bond, security or chooses-in-action vested in the municipality of the undivided municipal area on the date immediately preceding the said date, shall be transferred to and vested in and enure for the benefit of the newly constituted municipality;
