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of <h1>Legal Representative's Duties Under Section 19-IC: Liability for Deceased's Debts, Limited to Estate's Value and Managed Assets.</h1> Section 19-IC, inserted into the Depositories Act, 1996 by the Finance Act, 2018, outlines the responsibilities of a legal representative when a person dies. The legal representative is liable for any sum the deceased would have owed, but penalties apply only if imposed before death. Proceedings for disgorgement, refund, or recovery, except for penalties, initiated before death may continue against the legal representative. New proceedings can also be initiated if the deceased could have been subject to them. The legal representative's liability is limited to the estate's value and assets they manage or dispose of.
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