You can use license() to 'test' whether you have access to a license and use alternate coding if you do not.
However, I gather that the license that is used at the time of execution is the license that the person compiling it had. The executables are stand-alone: they do not go fishing through all of the MATLAB licenses owned by the executor to try to find one that permits the operation: they rely upon what the person who compiled had access to.
So if you are compiling and you do not yourself have that toolbox, then the executable will not be allowed access to the toolbox. It might still be worth putting in the license test, though, as it would give flexibility for other people who might compile the code.
