diff --git a/pkg/compiler/analysis.go b/pkg/compiler/analysis.go
index 112c6945d..a28a8386a 100644
--- a/pkg/compiler/analysis.go
+++ b/pkg/compiler/analysis.go
@@ -121,7 +121,7 @@ func (c *codegen) traverseGlobals() (int, int, int) {
 		// store auxiliary variables after all others.
 		if hasDefer {
 			c.exceptionIndex = len(c.globals)
-			c.globals["<exception>"] = c.exceptionIndex
+			c.globals[exceptionVarName] = c.exceptionIndex
 		}
 	}
 	return n, initLocals, deployLocals
diff --git a/pkg/compiler/codegen.go b/pkg/compiler/codegen.go
index 81d5dedcd..7822d1e0d 100644
--- a/pkg/compiler/codegen.go
+++ b/pkg/compiler/codegen.go
@@ -1296,7 +1296,9 @@ func (c *codegen) processDefers() {
 		c.setLabel(stmt.catchLabel)
 		c.emitStoreByIndex(varGlobal, c.exceptionIndex)
 		emit.Int(c.prog.BinWriter, 1)
-		c.emitStoreByIndex(varLocal, c.scope.finallyProcessedIndex)
+
+		finalIndex := c.getVarIndex("", finallyVarName).index
+		c.emitStoreByIndex(varLocal, finalIndex)
 		ast.Walk(c, stmt.expr)
 		if i == 0 {
 			// After panic, default values must be returns, except for named returns,
@@ -1309,12 +1311,12 @@ func (c *codegen) processDefers() {
 
 		c.setLabel(stmt.finallyLabel)
 		before := c.newLabel()
-		c.emitLoadByIndex(varLocal, c.scope.finallyProcessedIndex)
+		c.emitLoadByIndex(varLocal, finalIndex)
 		emit.Jmp(c.prog.BinWriter, opcode.JMPIFL, before)
 		ast.Walk(c, stmt.expr)
 		c.setLabel(before)
 		emit.Int(c.prog.BinWriter, 0)
-		c.emitStoreByIndex(varLocal, c.scope.finallyProcessedIndex)
+		c.emitStoreByIndex(varLocal, finalIndex)
 		emit.Opcodes(c.prog.BinWriter, opcode.ENDFINALLY)
 		c.setLabel(after)
 	}
diff --git a/pkg/compiler/func_scope.go b/pkg/compiler/func_scope.go
index 672b839ef..e09d7a6b9 100644
--- a/pkg/compiler/func_scope.go
+++ b/pkg/compiler/func_scope.go
@@ -34,9 +34,6 @@ type funcScope struct {
 
 	// deferStack is a stack containing encountered `defer` statements.
 	deferStack []deferInfo
-	// finallyProcessed is a index of static slot with boolean flag determining
-	// if `defer` statement was already processed.
-	finallyProcessedIndex int
 
 	// Local variables
 	vars varScope
@@ -59,6 +56,11 @@ type deferInfo struct {
 	expr         *ast.CallExpr
 }
 
+const (
+	finallyVarName   = "<finally>"
+	exceptionVarName = "<exception>"
+)
+
 func (c *codegen) newFuncScope(decl *ast.FuncDecl, label uint16) *funcScope {
 	var name string
 	if decl.Name != nil {
@@ -204,7 +206,6 @@ func (c *codegen) countLocalsInline(decl *ast.FuncDecl, pkg *types.Package, f *f
 func (c *codegen) countLocalsWithDefer(f *funcScope) int {
 	size, hasDefer := c.countLocals(f.decl)
 	if hasDefer {
-		f.finallyProcessedIndex = size
 		size++
 	}
 	return size