Transferable Letter of Credit. This type of credit allows the seller to transfer all or part of the proceeds of the original letter of credit to a second beneficiary, usually the ultimate supplier of the goods. The letter of credit must clearly state that it is transferable for its to be considered as such.
Definition of:magnetic tape. A sequential storage medium used for data collection, backup and archiving. Like videotape, computer tape is made of flexible plastic with one side coated with a ferromagnetic material. Tapes were originally open reels, but were superseded by cartridges and cassettes of many sizes and shapes.
Is a hard disk a type of magnetic storage device? A hard disk drive is a type of magnetic storage device. A magnetic  storage device stores data on a magnetized medium. Other types of  magnetic storage includes magnetic recâ¦ording tapes and the stripes  on credit cards. 4 people found this useful.