Rules regarding no-drop items and multiple characters

[Denswen]

So I am thinking about farming a no-drop item on one of my characters for a separate character. To do so, I would have both in the same zone, kill the mob with one character, log out, login the second character, and loot. The problem is, I would have to wait until the timer wore off making it an open loot.

Since the item is fairly hotly contested, I am concerned about someone else looting the item off of me.

Are you allowed to "claim" a loot so that you can secure it for a character that is not currently logged in?