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If I pay the 350 to cancle the line today will I be able to keep & sell the phone today ?
IF you pay off your account, yea, you can sell the phone or use it on another carrier.
depending on the carrier, the phone may work.
The phone will be yours but not all VZW devices are capable of moving to any carrier of your choice. Be sure to check the model of your phone to see if you can get it to work on another network.