TAKE UPtake up, vb.
1. To pay or discharge (a note). [Cases: Bills and Notes 428, 436. C.J.S. Bills and Notes; Letters of Credit¡ì¡ì 100, 231, 234¨C236, 238, 240, 242, 244¨C248.]
2. To retire (a negotiable instrument); to discharge one’s liability on (a negotiable instrument), esp. the liability of an indorser or acceptor.
3. To purchase (a note).