Not exactly. The activation code is basically useless once you have used and activated your license. It is the license itself that is the item of concern here. If the license is on a USB eLicenser and is unregistered, you give them that USB elicenser. They can move the license to their eLicenser and give you the eLicenser back, or register that eLicenser to themselves, etc. Review the resale wizard above for more details.