diff --git a/NEWS b/NEWS
index d54cc1c18ea4d..00a2dd67ead3d 100644
--- a/NEWS
+++ b/NEWS
@@ -26,6 +26,8 @@ PHP                                                                        NEWS
     (srgoogleguy, Gustavo)
   . Implemented FR #60738 (Allow 'set_error_handler' to handle NULL).
     (Laruence, Nikita Popov)
+  . Return previous handler when passing NULL to set_error_handler and
+    set_exception_handler. (Nikita Popov)
   . Added optional second argument for assert() to specify custom message. Patch
     by Lonny Kapelushnik (lonny@lonnylot.com). (Lars)
 
diff --git a/UPGRADING b/UPGRADING
index 59dfbb436acd2..bc5773cfa89f8 100755
--- a/UPGRADING
+++ b/UPGRADING
@@ -107,6 +107,10 @@ PHP X.Y UPGRADE NOTES
   but that predated the existence of E_DEPRECATED.
 - php_logo_guid(), php_egg_logo_guid(), php_real_logo_guid() and 
   zend_logo_guid() have been removed
+- set_error_handler(NULL) can now be used to reset the error handler.
+  Furthermore both set_error_handler(NULL) and set_exception_handler(NULL) will
+  now return the previously defined error/exception handler. Previously
+  bool(true) was returned.
 
 ========================================
 5. New Functions
diff --git a/Zend/tests/bug60738.phpt b/Zend/tests/bug60738.phpt
index e0c9793fedf27..e4080715ec72a 100644
--- a/Zend/tests/bug60738.phpt
+++ b/Zend/tests/bug60738.phpt
@@ -3,15 +3,20 @@ Bug #60738 Allow 'set_error_handler' to handle NULL
 --FILE--
 <?php
 
-set_error_handler(function() { echo 'Intercepted error!', "\n"; });
+var_dump(set_error_handler(
+    function() { echo 'Intercepted error!', "\n"; }
+));
 
 trigger_error('Error!');
 
-set_error_handler(null);
+var_dump(set_error_handler(null));
 
 trigger_error('Error!');
 ?>
 --EXPECTF--
+NULL
 Intercepted error!
+object(Closure)#1 (0) {
+}
 
 Notice: Error! in %s on line %d
diff --git a/Zend/tests/bug60738_variation.phpt b/Zend/tests/bug60738_variation.phpt
new file mode 100644
index 0000000000000..d7cf00ecdbc48
--- /dev/null
+++ b/Zend/tests/bug60738_variation.phpt
@@ -0,0 +1,23 @@
+--TEST--
+Bug #60738 Allow 'set_error_handler' to handle NULL
+--FILE--
+<?php
+
+var_dump(set_exception_handler(
+    function() { echo 'Intercepted exception!', "\n"; }
+));
+
+var_dump(set_exception_handler(null));
+
+throw new Exception('Exception!');
+?>
+--EXPECTF--
+NULL
+object(Closure)#1 (0) {
+}
+
+Fatal error: Uncaught exception 'Exception' with message 'Exception!' in %s:%d
+Stack trace:
+#0 {main}
+  thrown in %s on line %d
+
diff --git a/Zend/zend_builtin_functions.c b/Zend/zend_builtin_functions.c
index f8d467478c7f5..698ef72e544be 100644
--- a/Zend/zend_builtin_functions.c
+++ b/Zend/zend_builtin_functions.c
@@ -1519,41 +1519,31 @@ ZEND_FUNCTION(set_error_handler)
 		return;
 	}
 
-	if (IS_NULL != Z_TYPE_P(error_handler)) {
-	    zend_bool had_orig_error_handler = 0;
+	if (Z_TYPE_P(error_handler) != IS_NULL) { /* NULL == unset */
 		if (!zend_is_callable(error_handler, 0, &error_handler_name TSRMLS_CC)) {
 			zend_error(E_WARNING, "%s() expects the argument (%s) to be a valid callback",
-					get_active_function_name(TSRMLS_C), error_handler_name?error_handler_name:"unknown");
+					   get_active_function_name(TSRMLS_C), error_handler_name?error_handler_name:"unknown");
 			efree(error_handler_name);
 			return;
 		}
 		efree(error_handler_name);
+	}
 
-		if (EG(user_error_handler)) {
-			had_orig_error_handler = 1;
-			*return_value = *EG(user_error_handler);
-			zval_copy_ctor(return_value);
-			INIT_PZVAL(return_value);
-			zend_stack_push(&EG(user_error_handlers_error_reporting), &EG(user_error_handler_error_reporting), sizeof(EG(user_error_handler_error_reporting)));
-			zend_ptr_stack_push(&EG(user_error_handlers), EG(user_error_handler));
-		}
-
-		ALLOC_ZVAL(EG(user_error_handler));
-		EG(user_error_handler_error_reporting) = (int)error_type;
-		MAKE_COPY_ZVAL(&error_handler, EG(user_error_handler));
+	if (EG(user_error_handler)) {
+		RETVAL_ZVAL(EG(user_error_handler), 1, 0);
 
-		if (!had_orig_error_handler) {
-			RETURN_NULL();
-		}
-	} else { /* unset user-defined handler */
-		if (EG(user_error_handler)) {
-			zend_stack_push(&EG(user_error_handlers_error_reporting), &EG(user_error_handler_error_reporting), sizeof(EG(user_error_handler_error_reporting)));
-			zend_ptr_stack_push(&EG(user_error_handlers), EG(user_error_handler));
-		}
+		zend_stack_push(&EG(user_error_handlers_error_reporting), &EG(user_error_handler_error_reporting), sizeof(EG(user_error_handler_error_reporting)));
+		zend_ptr_stack_push(&EG(user_error_handlers), EG(user_error_handler));
+	}
 
+	if (Z_TYPE_P(error_handler) == IS_NULL) { /* unset user-defined handler */
 		EG(user_error_handler) = NULL;
-		RETURN_TRUE;
+		return;
 	}
+
+	ALLOC_ZVAL(EG(user_error_handler));
+	MAKE_COPY_ZVAL(&error_handler, EG(user_error_handler));
+	EG(user_error_handler_error_reporting) = (int)error_type;
 }
 /* }}} */
 
@@ -1593,36 +1583,28 @@ ZEND_FUNCTION(set_exception_handler)
 	}
 
 	if (Z_TYPE_P(exception_handler) != IS_NULL) { /* NULL == unset */
-		zend_bool had_orig_exception_handler = 0;
-
 		if (!zend_is_callable(exception_handler, 0, &exception_handler_name TSRMLS_CC)) {
 			zend_error(E_WARNING, "%s() expects the argument (%s) to be a valid callback",
-					get_active_function_name(TSRMLS_C), exception_handler_name?exception_handler_name:"unknown");
+					   get_active_function_name(TSRMLS_C), exception_handler_name?exception_handler_name:"unknown");
 			efree(exception_handler_name);
 			return;
 		}
 		efree(exception_handler_name);
+	}
 
-		if (EG(user_exception_handler)) {
-			had_orig_exception_handler = 1;
-			*return_value = *EG(user_exception_handler);
-			zval_copy_ctor(return_value);
-			zend_ptr_stack_push(&EG(user_exception_handlers), EG(user_exception_handler));
-		}
+	if (EG(user_exception_handler)) {
+		RETVAL_ZVAL(EG(user_exception_handler), 1, 0);
 
-		ALLOC_ZVAL(EG(user_exception_handler));
-		MAKE_COPY_ZVAL(&exception_handler, EG(user_exception_handler));
+		zend_ptr_stack_push(&EG(user_exception_handlers), EG(user_exception_handler));
+	}
 
-		if (!had_orig_exception_handler) {
-			RETURN_NULL();
-		}
-	} else {
-		if (EG(user_exception_handler)) {
-			zend_ptr_stack_push(&EG(user_exception_handlers), EG(user_exception_handler));
-		}
+	if (Z_TYPE_P(exception_handler) == IS_NULL) { /* unset user-defined handler */
 		EG(user_exception_handler) = NULL;
-		RETURN_TRUE;
+		return;
 	}
+
+	ALLOC_ZVAL(EG(user_exception_handler));
+	MAKE_COPY_ZVAL(&exception_handler, EG(user_exception_handler))
 }
 /* }}} */