With the above being said, someone has sMerits because they ultimately previously made a post someone thought is deserving of merit. As such, I consider sMerit (assuming they are not spending sMerit they have resulting from what they received from being a merit source) to be their property, and I am not a fan of telling others what they can and cannot do with their own property.
The forum already prevents sending merits to yourself (i.e. the same account). There is also a limit of 50 per account per month. There is sufficient precedent to make this "property" argument moot. I don't think sMerits are ours to
own, we're supposed to send them to other people.
My online banking has technical limits as to how much money I can send via wire transfer (and via other means), and many cars have technical limits as to how fast they will drive, and if they will play the radio if the seatbelts are not being worn. Both the money in my bank account and any cars I own are still my property, despite these technical limitations.