Well, to avoid this object being forever locked away in some storage, it would need to be no-rent. This is quite vital.
Next, add a trigger to the object. It should fire if it's picked up.
the object trigger should check if the hunting mob is already loaded, or load it otherwise. Then it should force the hunter to "mhunt" the one who picked it up. It may be useful to remote an identifier to the mob as well, for use in its own scripts.
Similarily, if dropped, it should either purge the hunting mob or at least make it stop hunting (I think it's mforget you use for this)
Next, it's just a question of adding a trigger to the mob so it picks up the object from any corpses it happens across.