37-61-408. Attorney prohibited from buying claim or demand for purpose of bringing action. (1) An attorney may not directly or indirectly buy or be in any manner interested in buying a bond, promissory note, bill of exchange, book debt, or other thing in action with the intent and for the purpose of bringing an action on that instrument or thing.

(2) An attorney may not, individually or by or in the name of another person, either before or after an action is brought, promise or give or procure to be promised or given a valuable consideration to any person as an inducement to placing or in consideration of having placed in the person's hands or in the hands of another person a demand of any kind for the purpose of bringing an action. This subsection does not apply to an agreement between attorneys to divide between themselves the compensation to be received.