I died last night. I then logged out as I logged in another character to come hold my stuff as there was only 1 or 2 people in game. In the elapsed time of no more than 30 seconds, I lost my skullcleaver and my bolt shield but was able to retrieve my gold.
I think Quickdraw needs to be a bit slower on the uptake.
Weaponless in seattle.
And I am not sulking.