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The router will install the floating static route if it doesn’t have a similar route from the dynamic routing protocol. Bear in mind, though, that the router will always use the route that has the most precise (longest netmask) match. For example, if the router has learned a route for 10.35.15.0/24 from OSPF, and also has a static route for 10.35.15.0/27, it will use the static route even if it has a higher administrative distance. The administrative distance is used only to decide between competing routes of the same mask length.

From

Cover of Cisco IOS Cookbook, 2nd Edition

Note

Admin distance exeptions