Cub Cadet FAQ's
Removal of the Lift Handle Button
Try spraying some PB Blaster or Liquid Wrench down inside the
handle tube to loosen up the rod
before you get to carried away with trying to disassemble the lift handle.
The top button (#1 in the drawing) should unscrew from the rod (not shown) then the rod should drop out the bottom of the lift handle (#6). I don't think you'll need to do this if the problem is with the float button (#4). I believe the float button (#4) is just a press in deal, it should come out with a good pair of pliers.
If it's the top button stuck down you should be able to push it back up from the bottom. It's likely that the handle is rusty inside and or the spring (#2 in the drawing) is broken or weak. Look in the area around the ratchet (#8) for the bottom of the rod it should look like an "L" that catches in the notches in the ratchet. Push it up then you should be able to unscrew the top button.