Definition of Floating charge
A continuing charge on the assets of the company creating it, but permitting the company to deal freely with the property in the usual course of business until the security holder shall intervene to enforce his claim. Pennsylvania Co. for Insurance on Lives and Granting Annuities v. United Railways of Havana & Regia Warehouses, D.C.Me., 26 F.Supp. 379, 387, 388. See also Floating lien.
That's the definition of Floating charge in Black's Law Dictionary 6th Edition. Courtesy of Cekhukum.com.