diff --git a/activerecord/lib/active_record/associations/has_one_association.rb b/activerecord/lib/active_record/associations/has_one_association.rb
index 2a961995da124..7dd0c7ba4c007 100644
--- a/activerecord/lib/active_record/associations/has_one_association.rb
+++ b/activerecord/lib/active_record/associations/has_one_association.rb
@@ -42,7 +42,7 @@ def delete(method = options[:dependent])
         def replace(record, save = true)
           raise_on_type_mismatch!(record) if record
 
-          return target unless load_target || record
+          return target unless record || load_target
 
           assigning_another_record = target != record
           if assigning_another_record || record.has_changes_to_save?
diff --git a/activerecord/test/cases/associations/has_one_associations_test.rb b/activerecord/test/cases/associations/has_one_associations_test.rb
index f9cbfebe0efef..ef05a0e47e481 100644
--- a/activerecord/test/cases/associations/has_one_associations_test.rb
+++ b/activerecord/test/cases/associations/has_one_associations_test.rb
@@ -88,6 +88,14 @@ def test_proxy_assignment
     assert_nothing_raised { company.account = company.account }
   end
 
+  def test_proxy_assignment_from_hash
+    company = companies(:first_firm)
+    company_from_hash = Company.new(company.attributes)
+    attrs = company.account.attributes
+    sql = capture_sql { company_from_hash.account = Account.new(attrs) }
+    assert_equal [], sql
+  end
+
   def test_type_mismatch
     assert_raise(ActiveRecord::AssociationTypeMismatch) { companies(:first_firm).account = 1 }
     assert_raise(ActiveRecord::AssociationTypeMismatch) { companies(:first_firm).account = Project.find(1) }