diff --git a/Zend/tests/gh14983_1.phpt b/Zend/tests/gh14983_1.phpt
new file mode 100644
index 0000000000000..04bfde761dc8a
--- /dev/null
+++ b/Zend/tests/gh14983_1.phpt
@@ -0,0 +1,42 @@
+--TEST--
+GH-14983: Shutdown disregards guards active on bailout
+--SKIPIF--
+<?php if (getenv("SKIP_SLOW_TESTS")) die('skip slow test'); ?>
+--FILE--
+<?php
+
+ini_set('max_execution_time', 1);
+$loop = true;
+
+class A {
+    function __get($name) {
+        global $loop;
+        if ($loop) {
+            while (true) {}
+        }
+        echo __METHOD__, "\n";
+        return $this->{$name};
+    }
+}
+
+global $a;
+$a = new A;
+
+function shutdown() {
+    global $a;
+    global $loop;
+    $loop = false;
+    var_dump($a->foo);
+}
+
+register_shutdown_function('shutdown');
+
+$a->foo;
+
+?>
+--EXPECTF--
+Fatal error: Maximum execution time of 1 second exceeded in %s on line %d
+A::__get
+
+Warning: Undefined property: A::$foo in %s on line %d
+NULL
diff --git a/Zend/tests/gh14983_2.phpt b/Zend/tests/gh14983_2.phpt
new file mode 100644
index 0000000000000..59d4b6256a1c1
--- /dev/null
+++ b/Zend/tests/gh14983_2.phpt
@@ -0,0 +1,32 @@
+--TEST--
+GH-14983: Guards from fibers are separated from guards from main context
+--FILE--
+<?php
+
+class Foo {
+    public function __get($prop) {
+        echo "__set($prop)\n";
+        if (Fiber::getCurrent()) {
+            Fiber::suspend();
+            echo "Resuming\n";
+        }
+    }
+}
+
+$foo = new Foo();
+
+$fiber = new Fiber(function () use ($foo) {
+    $foo->bar;
+});
+
+$value = $fiber->start();
+echo "Suspended\n";
+$foo->bar;
+$fiber->resume('test');
+
+?>
+--EXPECT--
+__set(bar)
+Suspended
+__set(bar)
+Resuming
diff --git a/Zend/zend.c b/Zend/zend.c
index ef5ea8cebc78b..751f1570764ff 100644
--- a/Zend/zend.c
+++ b/Zend/zend.c
@@ -1240,6 +1240,7 @@ ZEND_API ZEND_COLD ZEND_NORETURN void _zend_bailout(const char *filename, uint32
 	CG(in_compilation) = 0;
 	CG(memoize_mode) = 0;
 	EG(current_execute_data) = NULL;
+	EG(guard_context) = ++EG(guard_context_counter);
 	LONGJMP(*EG(bailout), FAILURE);
 }
 /* }}} */
diff --git a/Zend/zend_execute_API.c b/Zend/zend_execute_API.c
index f1f5bfc84516f..1f52651a05a80 100644
--- a/Zend/zend_execute_API.c
+++ b/Zend/zend_execute_API.c
@@ -200,6 +200,9 @@ void init_executor(void) /* {{{ */
 	EG(filename_override) = NULL;
 	EG(lineno_override) = -1;
 
+	EG(guard_context) = 0;
+	EG(guard_context_counter) = 0;
+
 	zend_max_execution_timer_init();
 	zend_fiber_init();
 	zend_weakrefs_init();
diff --git a/Zend/zend_fibers.c b/Zend/zend_fibers.c
index 273647692d824..35e24be90723f 100644
--- a/Zend/zend_fibers.c
+++ b/Zend/zend_fibers.c
@@ -116,6 +116,7 @@ typedef struct _zend_fiber_vm_state {
 	void *stack_base;
 	void *stack_limit;
 #endif
+	uint32_t guard_context;
 } zend_fiber_vm_state;
 
 static zend_always_inline void zend_fiber_capture_vm_state(zend_fiber_vm_state *state)
@@ -133,6 +134,7 @@ static zend_always_inline void zend_fiber_capture_vm_state(zend_fiber_vm_state *
 	state->stack_base = EG(stack_base);
 	state->stack_limit = EG(stack_limit);
 #endif
+	state->guard_context = EG(guard_context);
 }
 
 static zend_always_inline void zend_fiber_restore_vm_state(zend_fiber_vm_state *state)
@@ -150,6 +152,7 @@ static zend_always_inline void zend_fiber_restore_vm_state(zend_fiber_vm_state *
 	EG(stack_base) = state->stack_base;
 	EG(stack_limit) = state->stack_limit;
 #endif
+	EG(guard_context) = state->guard_context;
 }
 
 #ifdef ZEND_FIBER_UCONTEXT
@@ -446,6 +449,7 @@ ZEND_API zend_result zend_fiber_init_context(zend_fiber_context *context, void *
 
 	context->kind = kind;
 	context->function = coroutine;
+	context->guard_context = ++EG(guard_context_counter);
 
 	// Set status in case memory has not been zeroed.
 	context->status = ZEND_FIBER_STATUS_INIT;
@@ -500,6 +504,7 @@ ZEND_API void zend_fiber_switch_context(zend_fiber_transfer *transfer)
 	transfer->context = from;
 
 	EG(current_fiber_context) = to;
+	EG(guard_context) = to->guard_context;
 
 #ifdef __SANITIZE_ADDRESS__
 	void *fake_stack = NULL;
diff --git a/Zend/zend_fibers.h b/Zend/zend_fibers.h
index 9442019bfa259..d8a2ffa7f958d 100644
--- a/Zend/zend_fibers.h
+++ b/Zend/zend_fibers.h
@@ -95,6 +95,8 @@ struct _zend_fiber_context {
 	/* Observer state */
 	zend_execute_data *top_observed_frame;
 
+	uint32_t guard_context;
+
 	/* Reserved for extensions */
 	void *reserved[ZEND_MAX_RESERVED_RESOURCES];
 };
diff --git a/Zend/zend_globals.h b/Zend/zend_globals.h
index 3aa967b8dd6bb..509d8f53b8832 100644
--- a/Zend/zend_globals.h
+++ b/Zend/zend_globals.h
@@ -295,6 +295,13 @@ struct _zend_executor_globals {
 	zend_string *filename_override;
 	zend_long lineno_override;
 
+	/* Guards are context dependent. I.e. if __get() is being called for an object
+	 * within a fiber, the guard will _not_ skip __get() in the main context. To
+	 * achieve this, we offset the guard string hash by the guard context.
+	 * Additionally, bailout will discard the current guards in the same way. */
+	uint32_t guard_context;
+	uint32_t guard_context_counter;
+
 #ifdef ZEND_CHECK_STACK_LIMIT
 	zend_call_stack call_stack;
 	zend_long max_allowed_stack_size;
diff --git a/Zend/zend_object_handlers.c b/Zend/zend_object_handlers.c
index e354e2e69a417..6ff66cbd429ec 100644
--- a/Zend/zend_object_handlers.c
+++ b/Zend/zend_object_handlers.c
@@ -565,6 +565,12 @@ ZEND_API uint32_t *zend_get_property_guard(zend_object *zobj, zend_string *membe
 	zval *zv;
 	uint32_t *ptr;
 
+	if (EXPECTED(EG(guard_context) == 0)) {
+		member = zend_string_copy(member);
+	} else {
+		member = zend_string_init(ZSTR_VAL(member), ZSTR_LEN(member), false);
+		ZSTR_H(member) = zend_string_hash_val(member) + EG(guard_context);
+	}
 
 	ZEND_ASSERT(zobj->ce->ce_flags & ZEND_ACC_USE_GUARDS);
 	zv = zend_get_guard_value(zobj);
@@ -572,11 +578,14 @@ ZEND_API uint32_t *zend_get_property_guard(zend_object *zobj, zend_string *membe
 		zend_string *str = Z_STR_P(zv);
 		if (EXPECTED(str == member) ||
 		    /* str and member don't necessarily have a pre-calculated hash value here */
-		    EXPECTED(zend_string_equal_content(str, member))) {
+		    (EXPECTED(ZSTR_HASH(str) == ZSTR_HASH(member)
+		        && zend_string_equal_content(str, member)))) {
+			zend_string_release(member);
 			return &Z_GUARD_P(zv);
 		} else if (EXPECTED(Z_GUARD_P(zv) == 0)) {
 			zval_ptr_dtor_str(zv);
-			ZVAL_STR_COPY(zv, member);
+			/* Transfer ownership. */
+			ZVAL_STR(zv, member);
 			return &Z_GUARD_P(zv);
 		} else {
 			ALLOC_HASHTABLE(guards);
@@ -592,18 +601,22 @@ ZEND_API uint32_t *zend_get_property_guard(zend_object *zobj, zend_string *membe
 		ZEND_ASSERT(guards != NULL);
 		zv = zend_hash_find(guards, member);
 		if (zv != NULL) {
+			zend_string_release(member);
 			return (uint32_t*)(((uintptr_t)Z_PTR_P(zv)) & ~1);
 		}
 	} else {
 		ZEND_ASSERT(Z_TYPE_P(zv) == IS_UNDEF);
 		ZVAL_STR_COPY(zv, member);
 		Z_GUARD_P(zv) &= ~ZEND_GUARD_PROPERTY_MASK;
+		zend_string_release(member);
 		return &Z_GUARD_P(zv);
 	}
 	/* we have to allocate uint32_t separately because ht->arData may be reallocated */
 	ptr = (uint32_t*)emalloc(sizeof(uint32_t));
 	*ptr = 0;
-	return (uint32_t*)zend_hash_add_new_ptr(guards, member, ptr);
+	uint32_t *result = (uint32_t*)zend_hash_add_new_ptr(guards, member, ptr);
+	zend_string_release(member);
+	return result;
 }
 /* }}} */