Sec. 4. Until superseded by another attorney or discharged, an attorney may do the following:
(1) Bind the attorney's client in an action or a special proceeding, by the attorney's agreement that is either filed with the clerk or entered upon the minutes of the court.
(2) Receive money claimed by the attorney's client during the pendency of an action or a special proceeding.
(3) Discharge a claim or acknowledge satisfaction of a judgment after the money claimed has been received under subdivision (2).