Funeral home owners wants to set the record straight

Funeral home owners wants to set the record straight

Holland Memorial Funeral home is for sale.

Owner, Todd Holland says he lost his home, and his shirt trying to honor several pre-need policies sold by a previous owner.

"I felt there was a moral and ethical reason to honor those."

And he did for as long as his money held out.

But the old owners? Holland says, "They took the money out of the trust account and used it as operating capital."

They were "Eternity Plans," "Southern Acquisitions," "Partners Management, Inc."

All out of Alabaster, they filed bankruptcy and sold out before Holland even bought the property.

But that doesn't help these folks, just a few who bought polices when Priceville Funeral Home was built.

William Robinson who bought a couple of polices said of Holland, "He told me when he bought the place that he assumed over a hundred thousand dollars worth of pre-needs."

Robinson's wife died in 2001 and her pre-need was honored.

Another pre-need policy buyer, Reverend William Suit says, "We bought this plan, and bought our plots and put our tomb up so our children wouldn't have to worry about us when we pass away."

Suit's 91-year-old mother also has a policy.

None of these people can afford to buy another pre-need policy. As far as they're concerned this news is not good.

Robinson asks,  "Is there any kind of class action suit that we can take against the people that took all the money out of the fund?"

According to the state insurance commissioners office...yes.

But that will take an attorney and more money.

There is a law passed in 2002 that protects such policies, the new law requires the money be held in trust, but if a policy pre-dates that law, there's not much out there to protect the consumer.