Ultraviolet Disc to Digital - What's Legal?

Typically, in the digital world, codes are tied to you or something physical. I doubt if you could 'trade' or 'sell' the codes legally. I would even assume the digital conversion is also tied to the physical copy. If you sell or lose the disk, you must somehow 'delete' the digital copy. You are only paying a small 'conversion' fee, so I doubt if it's a stand-alone license.

#1) Why buy the disk? Rent it or Download it. I mean really, if you sell the disk why would you even ask if it's legal to keep a copy?

#1. There is nothing that says you have to keep the disc, as far as I'm aware, but the disc gets marked in the process to prevent it from ever being eligible to be converted again.
#2. No, but that never stopped anyone...

So for either of these, it's really a question in regards to your moral values. Because for both of these, they would have no way of knowing that you did either of those things. The choice is yours....