Obstruction occurs when a player without the ball impedes the progress of a runner legally running the bases.
If the player in your "last second" scenario (whether getting out of the way at the last second or catching the ball at the last second) has already impeded the progress of the runner, she has already committed obstruction and nothing she does can undo that - that is, there is no "nevermind". OBS happened when the runner slowed down to avoid a collision, when the runner swerved to avoid the collision, etc. Contact is not necessary, and the ball arriving at the last second, or the player getting out of the way at the last second does not cause what she already did (OBS) to disappear as if it never happened.
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Tom
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