Definition of Ex Dividend
A synonym for “without dividend.” The buyer of a stock selling Fex dividend does not receive the recently declared dividend. Said of a stock at the time when the declared dividend becomes the property of the person who owned the stock on the record date. The payment date follows the ex-dividend date. When stock is sold ex dividend, the seller, not the buyer, has the right to the next dividend which has been declared but not paid.
That's the definition of Ex Dividend in Black's Law Dictionary 6th Edition. Courtesy of Cekhukum.com.