Cast Out — ruling 1

If Cast Out leaves the battlefield before its triggered ability resolves, the target permanent won't be exiled.

Cast Out — ruling 2

Auras attached to the exiled permanent will be put into their owners' graveyards. Any Equipment will become unattached and remain on the battlefield. Any counters on the exiled permanent will cease to exist.

Cast Out — ruling 3

If a token is exiled this way, it will cease to exist and won't return to the battlefield.

Cast Out — ruling 4

The exiled card returns to the battlefield immediately after Cast Out leaves the battlefield. Nothing happens between the two events, including state-based actions.

Cast Out — ruling 5

In a multiplayer game, if Cast Out's owner leaves the game, the exiled card will return to the battlefield. Because the one-shot effect that returns the card isn't an ability that goes on the stack, it won't cease to exist along with the leaving player's spells and abilities on the stack.

Cast Out : règles, fonctionnement et interactions (MTG)

Cast Out is one of those cards players keep asking about. Here is, in plain words, what its official text says, the rulings published by Wizards of the Coast, and the combos players actually run.

Official card text

Flash When this enchantment enters, exile target nonland permanent an opponent controls until this enchantment leaves the battlefield. Cycling (, Discard this card: Draw a card.)

How it works : Cast Out

Original English text — Wizards of the Coast / Scryfall

#1April 18, 2017· Wizards of the Coast
If Cast Out leaves the battlefield before its triggered ability resolves, the target permanent won't be exiled.
No other card is named in this ruling.
#2April 18, 2017· Wizards of the Coast
Auras attached to the exiled permanent will be put into their owners' graveyards. Any Equipment will become unattached and remain on the battlefield. Any counters on the exiled permanent will cease to exist.
No other card is named in this ruling.
#3April 18, 2017· Wizards of the Coast
If a token is exiled this way, it will cease to exist and won't return to the battlefield.
No other card is named in this ruling.
#4April 18, 2017· Wizards of the Coast
The exiled card returns to the battlefield immediately after Cast Out leaves the battlefield. Nothing happens between the two events, including state-based actions.
No other card is named in this ruling.
#5April 18, 2017· Wizards of the Coast
In a multiplayer game, if Cast Out's owner leaves the game, the exiled card will return to the battlefield. Because the one-shot effect that returns the card isn't an ability that goes on the stack, it won't cease to exist along with the leaving player's spells and abilities on the stack.
No other card is named in this ruling.

Interactions with other cards

These cards' text mentions Cast Out.

Discreet Retreat

Enchant land Enchanted land has "{T}: Add two mana of any one color. Spend this mana only to cast outlaw spells or activate abilities of outlaw sources." (Assassins, Mercenaries, Pirates, Rogues, and Warlocks are outlaws.) Whenever you cast your first outlaw spell each turn, you draw a card and you lose 1 life.