I would never, ever loan the horse's tack out with it after a very sour experience with a supposed 'very good friend'.
I arranged the free long term loan of a lovely horse for this person, from a good friend I had originally sold the horse too. When I originally owned the horse I paid to have a custom fitted Italian saddle made for the horse, at great expense. I assured my friend who was loaning out the horse that as I knew the person taking the horse personally and could vouch for them as honest and reliable, so to let them also have the saddle on loan.
A few short months later the person loaning announced they were selling the good saddle to get a cheaper 'self adjusting' saddle for the horse. I pointed out that the saddle wasn't theirs to sell, and if they were selling it with owner's permission then I would offer to buy it off the owner. She quite literally threw a hissy fit and claimed she now owned the saddle and the horse!!!!:devil:
What followed was a very nasty and difficult situation where the horse's loaner flatly refused to return the saddle to the owner and has now cut all contact with myself and the horse's owner. Of course because I arranged it all and assured the owner of my good friend's credibility there was never a contract for either the loan of the horse or tack. How foolish was I? Luckily my friend doesn't hold me responsible for the virtual theft of both her horse and the tack.....but a huge learning curve for both of us about loaning tack and horses.
NEVER do either IMO - unless both the horse and the tack remains on your yard.:stomp: