TAKE UP

take up,vb.1. To pay or discharge (a note). [Cases: Bills and Notes 428, 436. C.J.S. Bills and Notes; Letters of Credit§§ 100, 231, 234–236, 238, 240, 242, 244–248.] 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).
[Blacks Law 8th]