Well, this is a difficult question to answer without sounding really boring. Here goes: If the icicle hangs on your balcony you are guilty. Good, but we tend to say "is hanging". Like "from 5 to 6 o'clock I am having coffee" i.e. on this occasion I am having coffee from 5 to 6. So I am having coffee, I am having coffee .............6 The icicle is hanging, and it's still hanging, and it is still hanging. So IF THE ICICLE IS HANGING ON YOUR BALCONY YOU ARE GUILTY. (present continuous intransitive use of to hang) The correction implies IF THE ICICLE IS HUNG ON YOUR BALCONY (BY SOMEONE) YOU ARE GUILTY. (present not-continuous passive use of to hang) Вы понимаете?

The correction is incorrect itself. "to hang" is a verb which can have an object or can be without it. And it's one of the synonym meanings is "to attach or to be attached": [with object] ‘we could just hang the pictures on the walls’ [no object] ‘the room in which the pictures will hang’ And one more thing, since icicle is actually in the process of the verb "hang" it should be a continuous. so: "E.g If the icicle is hanging on your balcony, you are guilty." E.g. stands for "For example" and is derived from latin I think. just a quick side note. and boy I wonder where one is deemed to be guilty because ones balcony has icicles hanging on a balcony kek

Both are right. If the icicle hang (past simple, so past simple participle). is hung or is being hung (past perfect participle because the hung is in the perfect passive form).

This boils down to: Rewriting the sentence . "if the icicle hanging from you balcony should fall, you will be liable for any death or injury. It is your responsibility to notify the management company of your apartment." You would actually need two separate longer sentences to fully express what you want in English.