The date when a cash dividend becomes a legal obligation is the:

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The declaration date is the date on which the company's board of directors announces their intention to pay a dividend. At this point, the dividend becomes a legal obligation of the company, and shareholders are entitled to receive it. The other options (date of record, last day of fiscal year, and payment date) are important dates in the dividend process, but they do not mark the point at which the dividend becomes a legal obligation.

The Date When a Cash Dividend Becomes a Legal Obligation