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Android's new anti-theft features
(blog.google)
This is a most excellent place for technology news and articles.
you have to sign out of your account before resetting the phone in order to prevent tripping the protection.
in case you trip it, you need to enter your credentials, your phone will reboot and do another wipe stage and then will jump right back to the OOBE, fully unlocked.
iirc the account is not actually saved, just verified