Contracting for or receiving something in excess of the amount allowed by law for the forbearance of money, goods or things in action. Under the Usury Law (Act 2655, as amended by P.D. 116), which is now no longer in effect, the legal rate of interest for the loan or forbearance of any money, goods or credits, where such loan or renewal or forbearance is secured in whole or in part by a mortgage upon real estate the title to which is duly registered, in the absence of express contract as to such rate of interest, shall be 12% per annum. Any amount of interest paid or stipulated to be paid in excess of that fixed by law is considered usurious, therefore unlawful. (Spouses Puerto vs. CA, G.R. No. 138210, 6 June 2002)