answered
2013-02-22 07:39:25 -0500
Treize 119 ● 1 ● 6 800.4a. When a player leaves the game, all objects (see rule 109) owned by that player leave the game, any effects which give that player control of any objects or players end, and all spells and abilities controlled by that player on the stack cease to exist. Then, if there are any objects still controlled by that player, those objects are exiled. This is not a state-based action. It happens as soon as the player leaves the game. If the player who left the game had priority at the time he or she left, priority passes to the next player in turn order who’s still in the game.
This is clarified by several other rules, among them
You exile Oblivion ring and Pacifism and the permanent exiled by oblivion ring stay exiled.
"800.4a ...any effects which give that player control of any objects or players end, and all spells and abilities controlled by that player on the stack cease to exist"