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Sony's ebooks (lrx format) can't be liberated yet.
lrf format (DRM free) can be format shifted.
If you sell your 505 you need to deauthorize it from your computer before sending it, so that the new owner can authorize and use it on his computer.
Once you do this, I'm not sure if the book stays on the Sony until it disappears when the new owner authorizes the Sony. Also, I believe that the book will stay in your Sony eLibrary and the only way to finish the story is to read it on the computer.
I haven't done this before, so if I am incorrect, hopefully a more experienced member will jump in and correct my post.
Welcome to MR and I hope you enjoy your Nook.
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