A friend of my wanted to make a quick buck. He found a stock that was paying out a large one time only dividend payout based on the sale of some of its assets. The stock was to pay out the dividend to the “owner on recorder” as of 3/23/06. The payout was to be distributed on 3/28. He sold the stock on 3/24. The dividend has not yet been recorded in his brokerage account. He now thinks that the only way he could have gotten the dividend is if he held onto the stock past the payout date. I told him that this can't be right. If he was the “owner on recorder” on the given date, then he should still receive the dividend even though he sold the stock before the payout date. Am I correct in my assumption?
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