I don't think that it would catch up to him instantly. The same thing that happened to Bilbo would have happened to him, except probably at a much faster rate, since he had kept the Ring for a much longer time, and had grown much more dependent on it.
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But Melkor also was there, and he came to the house of Fëanor, and there he slew Finwë King of the Noldor before his doors, and spilled the first blood in the Blessed Realm; for Finwë alone had not fled from the horror of the Dark.
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