Maybe like this:

use vec_dist to keep track of the object and player's distance.

When the two are far enough apart, set the object to no longer be passable.

Use a variable as a switch, and once the object and player are far enough apart, set the variable to 1. Use this variable to switch off being passable.

Optionally, you could also use the YOU pointer in combination with the IGNORE_YOU flag, so that other players could still collide with this object even though the player can't. You would just have to set the YOU pointer to the player who dropped it every frame until collision for the two is switched back on.

I hope that made sense!