In a group situation, I would be inclined to either borrow the individual in question a folding knife, or get up and do the job myself.
It may be just me, but I feel a little irritation at the thought of borrowing someone who didn't think far enough ahead to bring their own sheath knife. The ones most likely to fit in that catagory are those that felt it was too much trouble to carry one and they would therefore depend on the others who did take the trouble to carry one. Now if we are talking about someone who brought one along and had accidently (in a reasonable manner.) lost or broken their knife, I would feel comfortable borrowing them mine only if I didn't want to get up, or couldn't get up and do the job myself with my sheath knife.
I developed this mindset after once borrowing three rifles and one shotgun to some friends who promptly went hunting with the loaded guns under a blanket in the back of their station wagon. They got caught and I had to travel 40+ miles and appear in a courtroom to get my guns back which had been confiscated and almost auctioned off. If this had happened in todays social atmosphere, I would never have gotten my guns back.
I would make allowances where I knew the individuals had financial problems that didn't allow them to spend money on a sheath knife.
Bountyhunter