The rate of interest upon the loan or forbearance of any money,
goods, or things in action or on accounts after demand or judg-
ments rendered in any court of this state, shall be seven dollars
upon the one hundred dollars for one year and at that rate for a
greater or less sum or for a longer or a shorter time; but it shall
be competent for parties to contract for the payment and receipt
of a rate of interest not exceeding twelve dollars on the one hun-
dred dollars for one year and not exceeding that rate for a greater
or less sum or for a longer or shorter time, in which case such rate
exceeding seven dollars on one hundred dollars shall be clearly
expressed in writing. [Stat. 1919-P. LXXXIII]