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I don't know for sure, but to me it smells technically illegal.
I think once software is registered, that's it.
The only thing you can do is sell it and make sure the buyer does not try registering it ... But they might not be able to install it without registration.
I once borrowed a friends software and loaded it on my computer. I could only activate it once I went online and bought a new activation code. I couldnt use the one that came with it because it had already been used. The activation code was the same price the software would have been if I would have went and bought it in the store.
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