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What does cumulative preferred stock mean?

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cumulative preferred stock
Noun
AE

A form of preferred stock whose dividends, if passed, accumulate until they are paid out in full, where all passed dividends (arrearage) plus the current dividend must be paid before dividends can be paid on other classes of equity.

Synonym(s): 
  • cumulative preferred.
  • [BE]: cumulative preference share capital
    .
Comment: 
Stock is a mass word and correctly used in the plural form only when referring to the different stock of the different issuers.
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