Well from my understanding you do not technically own the stock until settlement occurs but the day of execution (trade) is used to determine eligibility for the dividend and financial obligations to pay for the trade in T+3 terms. If you do not have the money in your account to pay for it the broker will charge you penalties for them being out of pocket and if payment is not made pretty soon they will likely sell your new and other holdings or engage in debt recovery proceedings to recover any potential losses by you reneging on your contracted obligations.
However I am not sure about what would happen to the dividends if you do not pay in T+3 ?? I would imagine if the trade is not settled the broker is technically the owner benefiting from the dividends whether they like it or not...
MYR Price at posting:
$1.42 Sentiment: Sell Disclosure: Not Held
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