Definition of Floored
An automobile is "floored” when it is financed under a trust receipt, floor plan financing agreement, or similar title retention document, whereby retail dealer obtains possession of automobile from distributor for exhibition and sale through payment to distributor by finance company. Commercial Credit Co. v. Barney Motor Co., 10 Cal.2d 718, 76 P.2d 1181, 1183. See Floor plan financing.
That's the definition of Floored in Black's Law Dictionary 6th Edition. Courtesy of Cekhukum.com.