Method and system for transferring software and hardware feature licenses between devices

A method and system for transferring licenses between electronic devices supporting licensable features. Specifically, in a method a request is generated for transferring a license between first and second electronic devices. The request includes first information unique to the first electronic device, second information unique to the second electronic device. The request is sent to a license distributor to generate a master key. The master key includes a removal key including the first information and an add key including the second information. The removal key is used to remove the license from the first electronic device when the first information matches official versions of the first information. The add key is revealed from the master key when the license is successfully removed. The add key is used to add the license to the second electronic device when the second information matches official versions of the second information.