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Is there a way to automatically release or uncheck extension licenses in ArcMap or ArcCatalog?
No. If an extension license is checked in ArcMap or ArcCatalog, it must be manually unchecked to release it.
Version 9.3.1 and earlier: Select Tools > Extensions. Uncheck the license to be released.
Version 10.x: Select Customize > Extensions. Uncheck the license to be released.