diff --git a/lib/activate/activate.c b/lib/activate/activate.c
index c5ff84d65..3e4b04b73 100644
--- a/lib/activate/activate.c
+++ b/lib/activate/activate.c
@@ -1657,8 +1657,11 @@ int monitor_dev_for_events(struct cmd_context *cmd, const struct logical_volume
 	 * In case of a snapshot device, we monitor lv->snapshot->lv,
 	 * not the actual LV itself.
 	 */
-	if (lv_is_cow(lv) && (laopts->no_merging || !lv_is_merging_cow(lv)))
-		return monitor_dev_for_events(cmd, lv->snapshot->lv, NULL, monitor);
+	if (lv_is_cow(lv) && (laopts->no_merging || !lv_is_merging_cow(lv))) {
+		if (!(r = monitor_dev_for_events(cmd, lv->snapshot->lv, NULL, monitor)))
+			stack;
+		return r;
+	}
 
 	/*
 	 * In case this LV is a snapshot origin, we instead monitor
@@ -1668,8 +1671,10 @@ int monitor_dev_for_events(struct cmd_context *cmd, const struct logical_volume
 	if (!laopts->origin_only && lv_is_origin(lv))
 		dm_list_iterate_safe(snh, snht, &lv->snapshot_segs)
 			if (!monitor_dev_for_events(cmd, dm_list_struct_base(snh,
-				    struct lv_segment, origin_list)->cow, NULL, monitor))
+				struct lv_segment, origin_list)->cow, NULL, monitor)) {
+				stack;
 				r = 0;
+			}
 
 	/*
 	 * If the volume is mirrored and its log is also mirrored, monitor
@@ -1678,8 +1683,10 @@ int monitor_dev_for_events(struct cmd_context *cmd, const struct logical_volume
 	if ((seg = first_seg(lv)) != NULL && seg->log_lv != NULL &&
 	    (log_seg = first_seg(seg->log_lv)) != NULL &&
 	    seg_is_mirrored(log_seg))
-		if (!monitor_dev_for_events(cmd, seg->log_lv, NULL, monitor))
+		if (!monitor_dev_for_events(cmd, seg->log_lv, NULL, monitor)) {
+			stack;
 			r = 0;
+		}
 
 	dm_list_iterate_items(seg, &lv->segments) {
 		/* Recurse for AREA_LV */
@@ -1702,12 +1709,16 @@ int monitor_dev_for_events(struct cmd_context *cmd, const struct logical_volume
 		 */
 		if (seg->pool_lv &&
 		    !monitor_dev_for_events(cmd, seg->pool_lv,
-					    (!monitor) ? laopts : NULL, monitor))
+					    (!monitor) ? laopts : NULL, monitor)) {
+			stack;
 			r = 0;
+		}
 
 		if (seg->metadata_lv &&
-		    !monitor_dev_for_events(cmd, seg->metadata_lv, NULL, monitor))
+		    !monitor_dev_for_events(cmd, seg->metadata_lv, NULL, monitor)) {
+			stack;
 			r = 0;
+		}
 
 		if (!seg_monitored(seg) ||
 		    (seg->status & PVMOVE) ||