Even with a paper book it's a licence. You can't legally make copies and distribute them (free or paid), even though that's now easy to do.
The physical copy and the licence consume are tied, so if you part with the paper book you parted with the licence too.
It has been tested to do with software, and where the SW is tied to a physical dongle it can be resold with the dongle. Also software that doesn't work without a direct licence key or dongle can be freely copied, because it has zero functionality. Such security doesn't exist with ebooks.
So logically you can pass on an ebook if you also pass on the physical ereader if the ebook only works on that particular reader (dongle).
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