Good Grief Charlie Brown - yes the Bankruptcy Law Connection
05/07/15
Well known cartoonist Charles D. Schultz was the creator of the Charlie Brown comic strip. A recent blog post article asks, "Did Charles Schultz coin the term 'security blanket?" What does this question about the coining of this term that was used in the Charlie Brown comic strip have to do with bankruptcy law?
What does a Security Blanket Represent
In the comic strip, Linus is best know for holding his "security blanket." The author of the blog post explains that a "blanket" is something held or carried to afford reassurance by its familiarity or "in extended use, a security blanket can also refer to anything offering reassurance, comfort, or a sense of security."
In the comic strip, Linus is best know for holding his "security blanket." The author of the blog post explains that a "blanket" is something held or carried to afford reassurance by its familiarity or "in extended use, a security blanket can also refer to anything offering reassurance, comfort, or a sense of security."
The author further relates that the use of a security blanket in the comic strip was explained back in the early 1980's, when the senior editor John Simpson of the Oxford English Dictionary wrote Charles M. Shultz when he was working on the entry for the phrase "security blanket".
Bankruptcy Security
By coincidence, the world of bankruptcy law also involves a lot of terminology relating to security and blankets, such as "security blankets", "blanket liens" or "blanket mortgages." As does Linus, these blankets are held for security - in this case to "secure" payment of obligations to pay, such as a mortgage promissory note.
By coincidence, the world of bankruptcy law also involves a lot of terminology relating to security and blankets, such as "security blankets", "blanket liens" or "blanket mortgages." As does Linus, these blankets are held for security - in this case to "secure" payment of obligations to pay, such as a mortgage promissory note.
Who Gets to Use the Blanket
In many places, the value of the collateral security - the blanket - has fallen below the amount of the obligations to pay. The situation is therefore may presented: two persons want to hold or grab the blanket.
Traditional Model
One model may be that each says: "it is all mine." That is both grab the blanket (or in one instance a baby) and one says it is all mine and the other says it is all mine. That would be the "mine, mine, mine" model. In that instance, the ancient tradition provides for each party to be sworn and for the a court or King to make a determination of who gets to keep the entire blanket or baby.
Another Traditional Model
There are other traditional model though that would not involve the Court or the King, who likely have a house full of other work to do.
In this model, the parties would either share the blanket or divide the blanket between them. That would allow for both parties to stay warm. Some may prefer to share the blanket and others may prefer to divide the blanket and each use their own part.
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