Salesforce.com - How Does Deactivating a User Effect Sharing?

Scenario:

• Private sharing model
• A User (Jim) owns an Account record (ABC)
  
• ABC is manually shared with Bill & Ted
  
• Jim is deactivated as a User
  

Question:
When Jim is deactivated, will Bill & Ted still have access to the ABC account?

Answer:
Yes. Deactivating a User doesn't affect manual sharing.

Continuing Scenario:

• A replace for Jim is hired, Phil, and a new User is created and activated
• The system administrator transfers ABC account to Phil

Question:
When the ABC account is transferred to Phil, will Bill & Ted still have access to the ABC account?

Answer:
No. Changing ownership of a record removes manual sharing.