The obligation to pay a cash dividend becomes a legal liability on the:

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The declaration date is when the board of directors formally declares the dividend and specifies the payment date and amount. At this point, the obligation to pay the dividend becomes a legal liability for the company. The date of record and ex-dividend date are important for determining which shareholders are entitled to receive the dividend, but they do not create a legal liability. The date of payment is simply when the dividend is actually paid out to shareholders who are entitled to it.

The Obligation to Pay a Cash Dividend Becomes a Legal