Title 13, Chapter 1, Section 11
( 13-1-11)
(a) Obligations to pay attorney's fees upon any note or other
evidence of indebtedness, in addition to the rate of interest
specified therein, shall be valid and enforceable and collectible as
a part of such debt if such note or other evidence of indebtedness
is collected by or through an attorney after maturity, subject to
the following provisions: (1) If such note or other evidence of indebtedness provides for
attorney's fees in some specific percent of the principal and
interest owing thereon, such provision and obligation shall be
valid and enforceable up to but not in excess of 15 percent of the
principal and interest owing on said note or other evidence of
indebtedness; (2) If such note or other evidence of indebtedness provides for
the payment of reasonable attorney's fees without specifying any
specific percent, such provision shall be construed to mean 15
percent of the first $500.00 of principal and interest owing on
such note or other evidence of indebtedness and 10 percent of the
amount of principal and interest owing thereon in excess of
$500.00; (3) The holder of the note or other evidence of indebtedness or
his attorney at law shall, after maturity of the obligation,
notify in writing the maker, endorser, or party sought to be held
on said obligation that the provisions relative to payment of
attorney's fees in addition to the principal and interest shall be
enforced and that such maker, endorser, or party sought to be held
on said obligation has ten days from the receipt of such notice to
pay the principal and interest without the attorney's fees. If the
maker, endorser, or party sought to be held on any such obligation
shall pay the principal and interest in full before the expiration
of such time, then the obligation to pay the attorney's fees shall
be void and no court shall enforce the agreement. The refusal of a
debtor to accept delivery of the notice specified in this
paragraph shall be the equivalent of such notice. (b) Obligations to pay attorney's fees contained in security deeds
and bills of sale to secure debt shall be subject to this Code
section where applicable. | 
