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It seems to me that if we are talking about a physical product and a completed transaction with proof of purchase, then I can't see how the seller can take the product back. They are able to ask for it, with compensation, but it is up to the purchaser to keep it or give it back.
It's a whole other kettle of fish if it's obtained illegally. In this case it doesn't actually belong to you and the authourities have the right to confiscate the item in question.
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