Can my iPhone be blacklisted?

So i traded my s4 for an iphone 5 yesterday, and love it so far. I didn't pay my s4 off until today and it is all set, but when i called t-mobile they said the iphone is financed, so the guy could basically stop paying it and the phone will be blacklisted. He seemed pretty trustworthy and his son is a new friend of mine. I noticed something odd with the earpiece so i brought it to apple today and got a brand new iphone 5. My question is, if he stopped paying the iphone bill, and it was blacklisted, will that lead to me; seeing the iphone i have now is a new serial and all that? Please give reasons why too!

It can

It can.
the serial is still linked to the original owner.
its diff from the 1st serial but will still be listed on his account as a replacement.
and it can be blacklisted.

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