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[–] TrayFly 0 points 5 points (+5|-0) ago 

IIRC the lifetime is based on the motherboard and if you've got an OEM license (as opposed to retail), you'll have to buy a new key if you replace your motherboard.

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[–] C_IsForCookie 0 points 1 point (+1|-0) ago 

If I replace the board with the same model, do you think it'll recognize the swap?

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[–] TrayFly 0 points 3 points (+3|-0) ago 

As long as it's the exact same model you should be OK:

Generally, an end user can upgrade or replace all of the hardware components on a computer—except the motherboard—and still retain the license for the original Microsoft OEM operating system software. If the motherboard is upgraded or replaced for reasons other than a defect, then a new computer has been created. Microsoft OEM operating system software cannot be transferred to the new computer, and the license of new operating system software is required. If the motherboard is replaced because it is defective, you do not need to acquire a new operating system license for the PC as long as the replacement motherboard is the same make/model or the same manufacturer's replacement/equivalent, as defined by the manufacturer's warranty.

(Source)