Festivus
First Post
Player A would have to use a minor action to put it in his or her hand before he or she can drop it, which (in the OP's case) he or she doesn't have time to do.
Unless you want to rule that you can wiggle your butt as a free action, thus causing all your items to fall off you like ornaments from a Christmas tree.
Yep, you are right. I rather assumed that Player A would have been holding it, but yes, you are correct.
-Or-
Player A hands a note to the DM that reads "I ready a standard action to pull the item away from Player B when they go to grab it. Can I include a free action to make a snappy comment about how slow they are?"