Oklahoma Preferred Finance & Loan Corp. v. Morrow

JACKSON, Justice:

This usury case is here because of conflicting decisions previously written by this court. In the 5th paragraph of our syllabus in Munn v. Mid-Continent Motor Securities Co. (1924), 100 Okl. 105, 228 P. 150, in following an opinion written in 1918 (Bean v. Rumrill, 69 Okl. 300, 172 P. 452, 456), we held :

“It is the uniform policy of the courts not to permit an act forbidden or penalized by statute to be done either directly or indirectly. This court will not uphold any shift or device by which the lender may receive more than 10 per cent per annum for the use or forbearance…