A system and method for securing intellectual property rights in distributed intellectual property. Rights are granted and policed in electronically distributed intellectual property. Use limitations are established by agreement by the content provider and the client. The use limitations are reflected in time-based, usage-based and player based component codes that are used to determine if the client is entitled to use the intellectual property. Intellectual property is protected from unauthorized use by encrypting the intellectual property with a key created from some or all of the component codes. As the component codes are known to both the client and the content provider, no key exchange is required.