It's more complicated than that.
From some law blog:
As we use a simple serial number, it's impossible for the reseller to prove that he or she "made the copy unusable". Therefore, we, like many other software vendors, do not exactly fall into the scheme of the verdict of Oracle vs. UsedSoft - which I think I'm safe to say eben though IANAL.The July 2012 judgment in the ‘UsedSoft’ case stated, in summary, that the distribution right held by the software vendor was ‘exhausted’ within the EU provided certain conditions were met: that the software license was perpetual, that it had originally been sold at an economic price, and the seller’s copy was made unusable at the time of transfer.
However, as we've grown and as we by now have quite a few license transfers, some of which (unrelated to the NI sale) obviously fraudulent, we are going to deploy means to "make the seller's copy unusable" at the time of transfer.
Furthermore, we're thinking of changing the whole time thing, so that a license transfer is not possible until *after* the threat of a credit card chargeback is over. Quite a few people buy software with a credit card, then transfer the licenses, then initiate a chargeback and gain both the software and the money. That needs to be addressed, and we've figured out how to do that without punishing our legit customers