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I see that you've already started to return it, but here's my two cents anyway...
The phone does indeed have a unique ID that would necessarily have to be deactivated before you should use it. Whoever lost it will probably do this to keep from incuring illegitamte charges from a theif, but then they might also leave it subscribed in hopes of getting it returned. If you want to keep it for use, you need to get it resubscribed with a legit subscription in your name.
Most likely they won't be using the GPS feature to locate you... oh, and even if you disable that feature, it can still be located. They can use a technique called triangulation to find your aproximate whereabouts.
If you never find the phone's owner, and you decide to keep it, I would suggest selling it. The cash would probably be more valuable than the reactivations and whatnot.
By the way, what kind is it? Make and model? If you may be able to get the backdoor codes and reconfigure it yourself... like if you've already got a phone, you could clone the NAM and make a seemless upgrade.
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