diff --git a/x/wasm/internal/keeper/keeper.go b/x/wasm/internal/keeper/keeper.go
index d4d0c0e..1996e90 100644
--- a/x/wasm/internal/keeper/keeper.go
+++ b/x/wasm/internal/keeper/keeper.go
@@ -91,10 +91,11 @@ func (k Keeper) Instantiate(ctx sdk.Context, creator sdk.AccAddress, codeID uint
 	// get contact info
 	store := ctx.KVStore(k.storeKey)
 	bz := store.Get(types.GetCodeKey(codeID))
-	var codeInfo types.CodeInfo
-	if bz != nil {
-		k.cdc.MustUnmarshalBinaryBare(bz, &codeInfo)
+	if bz == nil {
+		return nil, types.ErrNotFound("contract")
 	}
+	var codeInfo types.CodeInfo
+	k.cdc.MustUnmarshalBinaryBare(bz, &codeInfo)
 
 	// prepare params for contract instantiate call
 	params := types.NewParams(ctx, creator, deposit, contractAccount)
@@ -129,17 +130,19 @@ func (k Keeper) Instantiate(ctx sdk.Context, creator sdk.AccAddress, codeID uint
 func (k Keeper) Execute(ctx sdk.Context, contractAddress sdk.AccAddress, caller sdk.AccAddress, coins sdk.Coins, msgs []byte) (sdk.Result, sdk.Error) {
 	store := ctx.KVStore(k.storeKey)
 
-	var contract types.ContractInfo
 	contractBz := store.Get(types.GetContractAddressKey(contractAddress))
-	if contractBz != nil {
-		k.cdc.MustUnmarshalBinaryBare(contractBz, &contract)
+	if contractBz == nil {
+		return sdk.Result{}, types.ErrNotFound("contract")
 	}
+	var contract types.ContractInfo
+	k.cdc.MustUnmarshalBinaryBare(contractBz, &contract)
 
-	var codeInfo types.CodeInfo
 	contractInfoBz := store.Get(types.GetCodeKey(contract.CodeID))
-	if contractInfoBz != nil {
-		k.cdc.MustUnmarshalBinaryBare(contractInfoBz, &codeInfo)
+	if contractInfoBz == nil {
+		return sdk.Result{}, types.ErrNotFound("contract info")
 	}
+	var codeInfo types.CodeInfo
+	k.cdc.MustUnmarshalBinaryBare(contractInfoBz, &codeInfo)
 
 	// add more funds
 	sdkerr := k.bankKeeper.SendCoins(ctx, caller, contractAddress, coins)
diff --git a/x/wasm/internal/keeper/keeper_test.go b/x/wasm/internal/keeper/keeper_test.go
index b575eb2..93657b6 100644
--- a/x/wasm/internal/keeper/keeper_test.go
+++ b/x/wasm/internal/keeper/keeper_test.go
@@ -7,6 +7,7 @@ import (
 	"testing"
 	"time"
 
+	"github.com/cosmwasm/wasmd/x/wasm/internal/types"
 	"github.com/stretchr/testify/assert"
 	"github.com/stretchr/testify/require"
 
@@ -75,6 +76,27 @@ func TestInstantiate(t *testing.T) {
 	require.Equal(t, kvStoreGas+288, gasAfter-gasBefore)
 }
 
+func TestInstantiateWithNonExistingCodeID(t *testing.T) {
+	tempDir, err := ioutil.TempDir("", "wasm")
+	require.NoError(t, err)
+	defer os.RemoveAll(tempDir)
+	ctx, accKeeper, keeper := CreateTestInput(t, false, tempDir)
+
+	deposit := sdk.NewCoins(sdk.NewInt64Coin("denom", 100000))
+	creator := createFakeFundedAccount(ctx, accKeeper, deposit)
+
+	require.NoError(t, err)
+
+	initMsg := InitMsg{}
+	initMsgBz, err := json.Marshal(initMsg)
+	require.NoError(t, err)
+
+	const nonExistingCodeID = 9999
+	addr, err := keeper.Instantiate(ctx, creator, nonExistingCodeID, initMsgBz, nil)
+	require.Error(t, err, types.ErrNotFound("contract"))
+	require.Nil(t, addr)
+}
+
 func TestExecute(t *testing.T) {
 	tempDir, err := ioutil.TempDir("", "wasm")
 	require.NoError(t, err)
@@ -154,6 +176,21 @@ func TestExecute(t *testing.T) {
 	t.Logf("Duration: %v (81488 gas)\n", diff)
 }
 
+func TestExecuteWithNonExistingAddress(t *testing.T) {
+	tempDir, err := ioutil.TempDir("", "wasm")
+	require.NoError(t, err)
+	defer os.RemoveAll(tempDir)
+	ctx, accKeeper, keeper := CreateTestInput(t, false, tempDir)
+
+	deposit := sdk.NewCoins(sdk.NewInt64Coin("denom", 100000))
+	creator := createFakeFundedAccount(ctx, accKeeper, deposit.Add(deposit))
+
+	// unauthorized - trialCtx so we don't change state
+	nonExistingAddress := addrFromUint64(9999)
+	_, err = keeper.Execute(ctx, nonExistingAddress, creator, nil, []byte(`{}`))
+	require.Error(t, err, types.ErrNotFound("contract info"))
+}
+
 type InitMsg struct {
 	Verifier    string `json:"verifier"`
 	Beneficiary string `json:"beneficiary"`
diff --git a/x/wasm/internal/types/errors.go b/x/wasm/internal/types/errors.go
index 37cdcaa..2ae113c 100644
--- a/x/wasm/internal/types/errors.go
+++ b/x/wasm/internal/types/errors.go
@@ -16,6 +16,7 @@ const (
 	CodeExecuteFailed     sdk.CodeType = 4
 	CodeGasLimit          sdk.CodeType = 5
 	CodeInvalidGenesis    sdk.CodeType = 6
+	CodeNotFound          sdk.CodeType = 7
 )
 
 // ErrCreateFailed error for wasm code that has already been uploaded or failed
@@ -47,3 +48,8 @@ func ErrGasLimit(msg string) sdk.Error {
 func ErrInvalidGenesis(msg string) sdk.Error {
 	return sdk.NewError(DefaultCodespace, CodeInvalidGenesis, fmt.Sprintf("invalid genesis: %s", msg))
 }
+
+// ErrNotFound error for an entry not found in the stoe
+func ErrNotFound(msg string) sdk.Error {
+	return sdk.NewError(DefaultCodespace, CodeNotFound, fmt.Sprintf("not found: %s", msg))
+}