diff --git a/hibernate-core/src/main/java/org/hibernate/event/internal/DefaultLoadEventListener.java b/hibernate-core/src/main/java/org/hibernate/event/internal/DefaultLoadEventListener.java
index 4c9474f985dc..aec1ebc10c91 100644
--- a/hibernate-core/src/main/java/org/hibernate/event/internal/DefaultLoadEventListener.java
+++ b/hibernate-core/src/main/java/org/hibernate/event/internal/DefaultLoadEventListener.java
@@ -385,10 +385,17 @@ private Object returnNarrowedProxy(
 		if ( !options.isAllowProxyCreation() ) {
 			impl = load( event, persister, keyToLoad, options );
 			if ( impl == null ) {
-				event.getSession()
-						.getFactory()
-						.getEntityNotFoundDelegate()
-						.handleEntityNotFound( persister.getEntityName(), keyToLoad.getIdentifier() );
+				if ( options == LoadEventListener.INTERNAL_LOAD_NULLABLE ) {
+					// The proxy is for a non-existing association mapped as @NotFound.
+					// Don't throw an exeption; just return null.
+					return null;
+				}
+				else {
+					event.getSession()
+							.getFactory()
+							.getEntityNotFoundDelegate()
+							.handleEntityNotFound( persister.getEntityName(), keyToLoad.getIdentifier() );
+				}
 			}
 		}
 
diff --git a/hibernate-core/src/test/java/org/hibernate/test/notfound/EagerProxyNotFoundTest.java b/hibernate-core/src/test/java/org/hibernate/test/notfound/EagerProxyNotFoundTest.java
new file mode 100644
index 000000000000..d7b77a29d31f
--- /dev/null
+++ b/hibernate-core/src/test/java/org/hibernate/test/notfound/EagerProxyNotFoundTest.java
@@ -0,0 +1,212 @@
+/*
+ * Hibernate, Relational Persistence for Idiomatic Java
+ *
+ * License: GNU Lesser General Public License (LGPL), version 2.1 or later.
+ * See the lgpl.txt file in the root directory or <http://www.gnu.org/licenses/lgpl-2.1.html>.
+ */
+package org.hibernate.test.notfound;
+
+import javax.persistence.ConstraintMode;
+import javax.persistence.Entity;
+import javax.persistence.EntityNotFoundException;
+import javax.persistence.FetchType;
+import javax.persistence.ForeignKey;
+import javax.persistence.Id;
+import javax.persistence.JoinColumn;
+import javax.persistence.ManyToOne;
+
+import org.hibernate.annotations.NotFound;
+import org.hibernate.annotations.NotFoundAction;
+import org.hibernate.proxy.HibernateProxy;
+
+import org.hibernate.testing.TestForIssue;
+import org.hibernate.testing.junit4.BaseNonConfigCoreFunctionalTestCase;
+import org.junit.After;
+import org.junit.Test;
+
+import static org.hibernate.testing.transaction.TransactionUtil.doInHibernate;
+import static org.junit.Assert.assertEquals;
+import static org.junit.Assert.assertNotNull;
+import static org.junit.Assert.assertNull;
+import static org.junit.Assert.assertSame;
+import static org.junit.Assert.assertTrue;
+import static org.junit.Assert.fail;
+
+/**
+ * @author Gail Badner
+ */
+@TestForIssue(jiraKey = "HHH-14537")
+public class EagerProxyNotFoundTest extends BaseNonConfigCoreFunctionalTestCase {
+
+	@Test
+	public void testNoProxyInSession() {
+		doInHibernate( this::sessionFactory, session -> {
+			final Task task = new Task();
+			task.id = 1;
+			task.employeeEagerNotFoundIgnore = session.load( Employee.class, 2 );
+			session.persist( task );
+		});
+
+		doInHibernate( this::sessionFactory, session -> {
+			final Task task = session.createQuery( "from Task", Task.class ).getSingleResult();
+			assertNotNull( task );
+			assertNull( task.employeeEagerNotFoundIgnore );
+		});
+	}
+
+	@Test
+	public void testNonExistingProxyInSession() {
+		doInHibernate( this::sessionFactory, session -> {
+			final Task task = new Task();
+			task.id = 1;
+			task.employeeEagerNotFoundIgnore = session.load( Employee.class, 2 );
+			session.persist( task );
+		});
+
+		doInHibernate( this::sessionFactory, session -> {
+			session.load( Employee.class, 2 );
+			final Task task = session.createQuery( "from Task", Task.class ).getSingleResult();
+			assertNotNull( task );
+			assertNull( task.employeeEagerNotFoundIgnore );
+		});
+	}
+
+	@Test
+	public void testEagerIgnoreLazyProxy() {
+		doInHibernate( this::sessionFactory, session -> {
+			final Task task = new Task();
+			task.id = 1;
+			task.employeeLazy = session.load( Employee.class, 2 );
+			task.employeeEagerNotFoundIgnore = task.employeeLazy;
+			session.persist( task );
+		});
+
+		doInHibernate( this::sessionFactory, session -> {
+			final Task task = session.createQuery( "from Task", Task.class ).getSingleResult();
+			assertNotNull( task );
+			assertNull( task.employeeEagerNotFoundIgnore );
+			assertNotNull( task.employeeLazy );
+			assertTrue( HibernateProxy.class.isInstance( task.employeeLazy ) );
+			assertEquals( 2, task.employeeLazy.getId() );
+		});
+	}
+
+	@Test
+	public void testProxyInSessionEagerIgnoreLazyProxy() {
+		doInHibernate( this::sessionFactory, session -> {
+			final Task task = new Task();
+			task.id = 1;
+			task.employeeLazy = session.load( Employee.class, 2 );
+			task.employeeEagerNotFoundIgnore = task.employeeLazy;
+			session.persist( task );
+		});
+
+		doInHibernate( this::sessionFactory, session -> {
+			final Employee employeeProxy = session.load( Employee.class, 2 );
+			final Task task = session.createQuery( "from Task", Task.class ).getSingleResult();
+			assertNotNull( task );
+			assertNull( task.employeeEagerNotFoundIgnore );
+			assertNotNull( task.employeeLazy );
+			assertTrue( HibernateProxy.class.isInstance( task.employeeLazy ) );
+			assertEquals( 2, task.employeeLazy.getId() );
+			assertSame( employeeProxy, task.employeeLazy );
+		});
+	}
+
+	@Test
+	public void testExistingProxyWithNonExistingAssociation() {
+		doInHibernate( this::sessionFactory, session -> {
+			final Employee employee = new Employee();
+			employee.id = 1;
+			session.persist( employee );
+
+			final Task task = new Task();
+			task.id = 2;
+			task.employeeEagerNotFoundIgnore = employee;
+			session.persist( task );
+
+			session.flush();
+
+			session.createNativeQuery( "update Employee set locationId = 3 where id = 1" )
+					.executeUpdate();
+		});
+
+		try {
+			doInHibernate( this::sessionFactory, session -> {
+				session.load( Employee.class, 1 );
+				session.createQuery( "from Task", Task.class ).getSingleResult();
+			});
+			fail( "EntityNotFoundException should have been thrown because Task.employee.location is not found " +
+					"and is not mapped with @NotFound(IGNORE)" );
+		}
+		catch (EntityNotFoundException expected) {
+		}
+	}
+
+	@After
+	public void deleteData() {
+		doInHibernate( this::sessionFactory, session -> {
+			session.createQuery( "delete from Task" ).executeUpdate();
+			session.createQuery( "delete from Employee" ).executeUpdate();
+			session.createQuery( "delete from Location" ).executeUpdate();
+		});
+	}
+
+	@Override
+	protected Class[] getAnnotatedClasses() {
+		return new Class[] {
+				Task.class,
+				Employee.class,
+				Location.class
+		};
+	}
+
+	@Entity(name = "Task")
+	public static class Task  {
+
+		@Id
+		private int id;
+
+		@ManyToOne(fetch = FetchType.EAGER)
+		@JoinColumn(
+				name = "employeeId",
+				foreignKey = @ForeignKey(ConstraintMode.NO_CONSTRAINT)
+		)
+		@NotFound(action = NotFoundAction.IGNORE)
+		private Employee employeeEagerNotFoundIgnore;
+
+		@ManyToOne(fetch = FetchType.LAZY)
+		@JoinColumn(
+				name = "lazyEmployeeId",
+				foreignKey = @ForeignKey(ConstraintMode.NO_CONSTRAINT)
+		)
+		private Employee employeeLazy;
+	}
+
+	@Entity(name = "Employee")
+	public static class Employee {
+		@Id
+		private int id;
+
+		private String name;
+
+		@ManyToOne(fetch = FetchType.EAGER)
+		@JoinColumn(name = "locationId", foreignKey = @ForeignKey(ConstraintMode.NO_CONSTRAINT))
+		private Location location;
+
+		public int getId() {
+			return id;
+		}
+		public void setId(int id) {
+			this.id = id;
+		}
+	}
+
+	@Entity(name = "Location")
+	public static class Location {
+		@Id
+		private int id;
+
+		private String description;
+	}
+}