diff --git a/quark/exceptions.py b/quark/exceptions.py
index af24acd..0823777 100644
--- a/quark/exceptions.py
+++ b/quark/exceptions.py
@@ -145,7 +145,7 @@ class NoBackendConnectionsDefined(exceptions.NeutronException):
                 "definition. %(msg)")
 
 
-class FloatingIpNotFound(exceptions.NeutronException):
+class FloatingIpNotFound(exceptions.NotFound):
     message = _("Floating IP %(id)s not found.")
 
 
diff --git a/quark/plugin_modules/floating_ips.py b/quark/plugin_modules/floating_ips.py
index c872c9e..ff757ce 100644
--- a/quark/plugin_modules/floating_ips.py
+++ b/quark/plugin_modules/floating_ips.py
@@ -163,10 +163,11 @@ def update_floatingip(context, id, content):
     port = None
     fixed_ip = None
     current_port = None
-    flip = None
 
     with context.session.begin():
         flip = db_api.floating_ip_find(context, id=id, scope=db_api.ONE)
+        if not flip:
+            raise qex.FloatingIpNotFound(id=id)
 
         current_ports = flip.ports