diff --git a/lib/bcoin/primitives/keyring.js b/lib/bcoin/primitives/keyring.js
index 36c27794..a773f786 100644
--- a/lib/bcoin/primitives/keyring.js
+++ b/lib/bcoin/primitives/keyring.js
@@ -34,7 +34,7 @@ function KeyRing(options, network) {
 
   this.network = bcoin.network.get();
   this.witness = false;
-  this.publicKey = null;
+  this.publicKey = constants.ZERO_KEY;
   this.privateKey = null;
   this.script = null;
   this.path = null;
@@ -830,7 +830,7 @@ KeyRing.prototype.toRaw = function toRaw(writer) {
 
 KeyRing.prototype.fromRaw = function fromRaw(data, network) {
   var p = new BufferReader(data);
-  var key;
+  var key, script;
 
   this.network = bcoin.network.get(network);
   this.witness = p.readU8() === 1;
@@ -844,10 +844,10 @@ KeyRing.prototype.fromRaw = function fromRaw(data, network) {
     this.publicKey = key;
   }
 
-  this.script = p.readVarBytes();
+  script = p.readVarBytes();
 
-  if (this.script.length === 0)
-    this.script = null;
+  if (script.length > 0)
+    this.script = bcoin.script.fromRaw(script);
 
   return this;
 };