Brewer's: Cut out
Left in the lurch; superseded. In cards, when there are too many for a game (say whist), it is customary for the players to cut out after a [rubber], in order that another player may have a turn. This is done by the players cutting the cards on the table, and the lowest turn-up gives place to the new hand, who “supersedes” him, or takes his place.
It does not refer to cutting out a ship from an enemy's port.