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:naked short selling
a naked short sale occurs when a security is sold short without borrowing the security within a set time (for example, three days in the us.) this means that the buyer of such a short is buying the short-seller's promise to deliver a share, rather than buying the share itself. The short-seller's promise is known as a hypothecated share.

When the holder of the underlying stock receives a dividend, the holder of the hypothecated share would receive an equal dividend from the short seller.

Naked shorting has been made illegal except where allowed under limited circumstances by market makers. It is detected by the depository trust & clearing corporation (in the us) as a "failure to deliver" or simply "fail.” while many fails are settled in a short time, some have been allowed to linger in the system.

In the us, arranging to borrow a security before a short sale is called a locate. In 2005, to prevent widespread failure to deliver securities, the u.s. Securities and exchange commission (sec) put in place regulation sho, intended to prevent speculators from selling some stocks short before doing a locate. Requirements that are more stringent were put in place in september 2008, ostensibly to prevent the practice from exacerbating market declines. The rules were made permanent in 2009.