"...based on the publisher's discretion."

Why do I need the publisher's permission to lend an electronic book? If I buy an actual book I can do whatever I want with it. Why are electronic books different?

This clearly violates my rights under the first-sale doctrine:

"The doctrine allows the purchaser to transfer (i.e., sell or give away) a particular lawfully made copy of the copyrighted work without permission once it has been obtained. This means that the copyright holder's rights to control the change of ownership of a particular copy ends once that copy is sold, as long as no additional copies are made."

No additional copies? This requirement is satisfied by the following digital restriction:

"...and the lender cannot read the book while it is loaned out."

Under this doctrine, I have a legal right to control the change of ownership of any electronic books I have purchased. In other words, my legally purchased copy may lawfully be sold, lent, traded, or given away at my discretion, not the publishers.

Publishers who prohibit the lending of electronic books should be named, shamed and avoided. Why give financial support to publishers trying to abrogate our first-sale doctrine rights?