You cant item lend food or easter egg and such. Only certain items can be lent i.e whip armour godswords, party hats and such. Also, if you die or anything like that, the most prioritied item is a lent item. So if you have a lent item and died, you would keep that first. E.G You had borrowed a bronze sword :P and you had like full dragon and a godsword. You would loose either a bit of dragon or a godsword, but you will always keep a bronze sword.