Green’s Dictionary of Slang

(US) to reject a proposition; to renege on a deal.

1965		H. Williamson Hustler! 150: He wanted to be with her in the respect of goin’ to bed with her! She nutted on this. When I say nutted I mean she wouldn’t go for this .
1966		B. Brunner Face of Night 234: Nut—to disappoint, to back out of a deal [HDAS].
1970		G. Cain Blueschild Baby 140: Should’ve known he’d nut on me. I don’t even look like a junky.