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Simple English definitions for legal terms
take up
Read a random definition: empty-chair defense
A quick definition of take up:
Term: TAKE UP
Definition: When someone owes money and they pay it back, that's called taking up the debt. It can also mean buying a piece of paper that says someone owes money and then being responsible for collecting that money.
A more thorough explanation:
Definition: To pay off a note or retire a negotiable instrument, such as a check or promissory note. It can also mean to purchase a note.
- John took up the loan by paying off the remaining balance.
- The bank took up the check and credited the funds to the account.
- Sarah took up the promissory note by purchasing it from the original holder.
In the first example, John paid off the remaining balance of a loan, which means he took up the note. In the second example, the bank took up the check by crediting the funds to the account, which means they retired the negotiable instrument. In the third example, Sarah purchased the promissory note, which means she took up the note.