Ah, well you were talking about a clipped panel, and a clipped panel is a scroll view, minus the actual script that adds the movement.
Here is a quick test I did:
1. New scene.
2. Added a sprite and gave it a collider.
3. Added a scroll view (you can then remove the Scroll View script itself if you want).
4. Moved the sprite within the scroll view.
5. Attached UIDragObject to the sprite, checked "Keep Visible", and set the "Content Rect" to be the sprite itself.
I can now drag the sprite around and it will snap back into view after I release it outside the scroll view's bounds. If I change the Drag Effect on UIDragObject to be "None", I can no longer drag it outside the bounds at all. It's restricted to the scroll view's bounds.