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the SE needs to be trusted to … delete/overwrite the key share corresponding to the previous owner
https://github.com/commerceblock/mercury/blob/master/doc/statechains.md
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Yes but even with Liquid's emergency timelock feature, you are still dependent on a company to side with you and release your funds.
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i never said otherwise.
regardless, if those emergency keys ever have to be used, it would be to process pegouts.
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some notes:
mercury: you are trusting the coordinating server to delete the private key share on each transfer…
liquid: the emergency timelock is 4032 bitcoin blocks, so more like 28 days