Now it's just semantics.various comments by Ludovic and theDork
No, the PP ruleset doesn't actually apply. Yes, the PvP Code of Honor does.
How would your character react, realistically, to being stolen from?
Someone steals the loot you worked hard to earn, you are requested (though not exactly required) to RP getting it back. They don't comply? You're entirely within your rights to kill them. Once. And then ask that they leave the zone for an hour. It's in the server rules.
*edit* Just saw Jeh's post. Listen to Jehannum.