I think update #20 covers this point. Paraphrasing, it seems that 'the backpack' is a common space shared by the entire party. Loot and treasure goes into the backpack and can be drawn out again by whomever wants what's in there. This means it should be possible to for the Hero who wants it to equip a piece of drawn equipment, even if they were not the one who generated it. Exactly how quickly this happens (instantly, or on the equipee's turn, or at some other time) is not yet clear.

I really think it will be like the core rules.
Hero gets an item. He uses it or its been put into the backpack.
When its another heroes turn he/she can get something out of the backpack.