What is Take Up?

Legal Definition
A party to a negotiable instrument, particularly an endorser or acceptor, is said to "take up" the paper, or to "retire" it, when he pays its amount, or substitutes other security for it, and receives it again into his own hands. See Hartzell v. McClurg, 54 Neb. 316, 74 N. W. 626.
-- Black's Law Dictionary