Instead of cash a company sometimes pays a dividen

Instead of cash a company sometimes pays a dividend in shares of its stock or as a special dividend in shares of a spinoff company. In stock dividends, the ex-dividend date customarily stands as the first date after the stock dividend is paid. That's also past the record date. However if you sell your stock before the ex-dividend date, you are obligated to turn over any shares acquired in the dividend to the buyer of the of the shares you sold. Happily, that's typically handled seamlessly by your brokerage. But remember, unlike cash dividends, you must hold the stock until the first business day after the dividend has been delivered.