We see Incorrect Activation Code in Order Emails in the below scenarios:
From the producer portal,
1)When we split the entitlement, the owner of the entitlement doesn't change .When order notification email is sent, FNP activation code is taken from the account which is owning the entitlement.
2)If the owning entitlement ID is cancelled (When there are multiple splits to and fro), then the first active activation code is seen in the order email.
From End User Portal,
Transfer split is disabled in the end user portal(TransferSplitEnabled = false) in the Properties file.
If you have entitlement allocation email(email Type) then it will send the activation codes from the End user Portal once the transfer split is done in End user portal.