Unlike other German monographs, which tend to be confined to specific subjects (such as Graf von Westphalen’s Bankgarantie), Zahn has set out to discuss the entire operation of payment and payment operations in the context of overseas trade. The first chapter of the book deals with the sources of law, in which the authors have dealt in depth with the Uniform Customs and Practice for Documentary Credits and the Uniform Rules for Collection, and with standard clauses of prevailing banking forms. The second part of the book is devoted to the analysis of documentary credits. The authors have, of course, covered all the German authorities in considerable detail and have in addition presented a valuable analysis of the UCP. As is to be expected in a book dealing mainly with a given system, they have not dealt with recent English or American authorities. Thus, the controversy surrounding The American Accord [1983] 1 A.C. 168 is not discussed in adequate detail. Neither does the book cover the interesting developments following the “Iranian cases” decided in the United States.

The third chapter of the book deals with the collection of documents where the transaction is not supported by a documentary of credit. It is interesting to note that the authors deal in this part with the English system of releasing documents under trust receipt. However, from the point of view of somebody who wishes to familiarize himself with the basic concepts of this faculty, this topic is actually inadequately analysed.

The next few chapters of the book deal with back-to-back credits and with the arrangements for the drawing of bills of exchange against produce. The subject is discussed briefly but adequately for the purpose which it aims to serve.

The last chapter of the book concerns the bank guarantee. This is one of the best chapters in the book and contains a great deal of material useful for bankers and for practitioners. There is no doubt that the book will continue to remain one of the standard texts on the subject in German law.