diff --git a/_glua-tests/issues.lua b/_glua-tests/issues.lua
index 6d6343ab..079ba35a 100644
--- a/_glua-tests/issues.lua
+++ b/_glua-tests/issues.lua
@@ -490,3 +490,72 @@ function test()
   assert(b == nil)
 end
 test()
+
+-- issue #448: a caught error must not close the upvalues of the frames that
+-- called pcall and keep running
+function test()
+  local a
+  local function use_a() return a("test") end
+  pcall(function() error("an error") end)
+  a = function(v) return v end
+  assert(use_a() == "test")
+
+  local x = 1
+  local set = function(v) x = v end
+  local get = function() return x end
+  pcall(function() error("boom") end)
+  set(2)
+  assert(x == 2)
+  x = 3
+  assert(get() == 3)
+
+  pcall(string.rep)
+  x = 4
+  assert(get() == 4)
+
+  pcall(function() local y; return y.z end)
+  x = 5
+  assert(get() == 5)
+
+  local function inner() pcall(function() error("e") end) end
+  inner()
+  x = 6
+  assert(get() == 6)
+
+  pcall(function()
+    local y = 1
+    local gy = function() return y end
+    pcall(function() error("in") end)
+    y = 2
+    x = gy() + 10
+  end)
+  assert(get() == 12)
+
+  local passed, failed = 0, 0
+  local function check(ok) if ok then passed = passed + 1 else failed = failed + 1 end end
+  for i = 1, 3 do
+    check(pcall(function() if i == 2 then error("case " .. i) end end))
+  end
+  assert(passed == 2 and failed == 1)
+end
+test()
+
+-- issue #448: a closure created inside a failed xpcall/pcall keeps its own value
+function test()
+  local keep
+  xpcall(function() local s = "inner"; keep = function() return s end; error("x") end,
+    function(e) return e end)
+  local function clobber() local a, b, c, d, e, f, g, h = 1, 2, 3, 4, 5, 6, 7, 8; return a end
+  clobber()
+  assert(keep() == "inner")
+
+  pcall(function() local s = "inner2"; keep = function() return s end; error("x") end)
+  clobber()
+  assert(keep() == "inner2")
+
+  local co = coroutine.create(function() local s = "co"; keep = function() return s end; error("die") end)
+  coroutine.resume(co)
+  clobber()
+  assert(keep() == "co")
+end
+test()
diff --git a/_state.go b/_state.go
index 6e9febfb..4a0ba823 100644
--- a/_state.go
+++ b/_state.go
@@ -634,7 +634,7 @@ func (ls *LState) closeAllUpvalues() { // +inline-start
 
 func (ls *LState) raiseError(level int, format string, args ...interface{}) {
 	if !ls.hasErrorFunc {
-		ls.closeAllUpvalues()
+		ls.closeUpvalues(ls.pcallBase)
 	}
 	message := format
 	if len(args) > 0 {
@@ -1523,7 +1523,7 @@ func (ls *LState) Error(lv LValue, level int) {
 		ls.raiseError(level, string(str))
 	} else {
 		if !ls.hasErrorFunc {
-			ls.closeAllUpvalues()
+			ls.closeUpvalues(ls.pcallBase)
 		}
 		ls.Push(lv)
 		ls.Panic(ls)
@@ -1822,6 +1822,10 @@ func (ls *LState) PCall(nargs, nret int, errfunc *LFunction) (err error) {
 	if errfunc != nil {
 		ls.hasErrorFunc = true
 	}
+	// This call is the innermost protected boundary until it returns (#448).
+	oldPcallBase := ls.pcallBase
+	ls.pcallBase = base
+	defer func() { ls.pcallBase = oldPcallBase }()
 	defer func() {
 		ls.Panic = oldpanic
 		ls.hasErrorFunc = false
@@ -1856,6 +1860,7 @@ func (ls *LState) PCall(nargs, nret int, errfunc *LFunction) (err error) {
 							err = rcv.(*ApiError)
 							err.(*ApiError).StackTrace = ls.stackTrace(0)
 						}
+						ls.closeUpvalues(base)
 						ls.stack.SetSp(sp)
 						ls.currentFrame = ls.stack.Last()
 						ls.reg.SetTop(base)
@@ -1866,6 +1871,9 @@ func (ls *LState) PCall(nargs, nret int, errfunc *LFunction) (err error) {
 			} else if len(err.(*ApiError).StackTrace) == 0 {
 				err.(*ApiError).StackTrace = ls.stackTrace(0)
 			}
+			// The frames above base are gone; close the upvalues they own
+			// (also after a Go panic or an xpcall handler, which skip the close in raiseError).
+			ls.closeUpvalues(base)
 			ls.stack.SetSp(sp)
 			ls.currentFrame = ls.stack.Last()
 			ls.reg.SetTop(base)
diff --git a/state.go b/state.go
index 292f93b4..faa38abc 100644
--- a/state.go
+++ b/state.go
@@ -734,7 +734,7 @@ func (ls *LState) closeAllUpvalues() { // +inline-start
 
 func (ls *LState) raiseError(level int, format string, args ...interface{}) {
 	if !ls.hasErrorFunc {
-		ls.closeAllUpvalues()
+		ls.closeUpvalues(ls.pcallBase)
 	}
 	message := format
 	if len(args) > 0 {
@@ -1736,7 +1736,7 @@ func (ls *LState) Error(lv LValue, level int) {
 		ls.raiseError(level, string(str))
 	} else {
 		if !ls.hasErrorFunc {
-			ls.closeAllUpvalues()
+			ls.closeUpvalues(ls.pcallBase)
 		}
 		ls.Push(lv)
 		ls.Panic(ls)
@@ -2035,6 +2035,10 @@ func (ls *LState) PCall(nargs, nret int, errfunc *LFunction) (err error) {
 	if errfunc != nil {
 		ls.hasErrorFunc = true
 	}
+	// This call is the innermost protected boundary until it returns (#448).
+	oldPcallBase := ls.pcallBase
+	ls.pcallBase = base
+	defer func() { ls.pcallBase = oldPcallBase }()
 	defer func() {
 		ls.Panic = oldpanic
 		ls.hasErrorFunc = false
@@ -2069,6 +2073,7 @@ func (ls *LState) PCall(nargs, nret int, errfunc *LFunction) (err error) {
 							err = rcv.(*ApiError)
 							err.(*ApiError).StackTrace = ls.stackTrace(0)
 						}
+						ls.closeUpvalues(base)
 						ls.stack.SetSp(sp)
 						ls.currentFrame = ls.stack.Last()
 						ls.reg.SetTop(base)
@@ -2079,6 +2084,9 @@ func (ls *LState) PCall(nargs, nret int, errfunc *LFunction) (err error) {
 			} else if len(err.(*ApiError).StackTrace) == 0 {
 				err.(*ApiError).StackTrace = ls.stackTrace(0)
 			}
+			// The frames above base are gone; close the upvalues they own
+			// (also after a Go panic or an xpcall handler, which skip the close in raiseError).
+			ls.closeUpvalues(base)
 			ls.stack.SetSp(sp)
 			ls.currentFrame = ls.stack.Last()
 			ls.reg.SetTop(base)
diff --git a/state_test.go b/state_test.go
index 7b7aa53d..75a2e4f1 100644
--- a/state_test.go
+++ b/state_test.go
@@ -760,3 +760,15 @@ func BenchmarkRegistrySetTop(t *testing.B) {
 		reg.SetTop(0)
 	}
 }
+
+// An error with no pcall on the Lua stack still closes every open upvalue of
+// the state, so a closure keeps its value when the host reuses the state (#448).
+func TestUnprotectedErrorClosesUpvalues(t *testing.T) {
+	L := NewState()
+	defer L.Close()
+	errorIfScriptNotFail(t, L, `
+		local s = "kept"
+		keep = function() return s end
+		error("top level")`, "top level")
+	errorIfScriptFail(t, L, `local a, b, c, d = 9, 9, 9, 9; assert(keep() == "kept")`)
+}
diff --git a/value.go b/value.go
index 4156e9d5..1abfc06d 100644
--- a/value.go
+++ b/value.go
@@ -192,6 +192,7 @@ type LState struct {
 	wrapped      bool
 	uvcache      *Upvalue
 	hasErrorFunc bool
+	pcallBase    int // register base of the innermost PCall (0: none), see #448
 	mainLoop     func(*LState, *callFrame)
 	ctx          context.Context
 	ctxCancelFn  context.CancelFunc