diff --git a/electrum b/electrum
index 3a318dc80..53de47fcb 100755
--- a/electrum
+++ b/electrum
@@ -148,7 +148,7 @@ if __name__ == '__main__':
                 wallet.gap_limit = gap
                 if len(seed) == 128:
                     wallet.seed = ''
-                    wallet.sequence.master_public_key = seed
+                    wallet.init_sequence(str(seed))
                 else:
                     wallet.init_seed(str(seed))
             
diff --git a/gui/gui_classic.py b/gui/gui_classic.py
index 47cb09845..b74005adc 100644
--- a/gui/gui_classic.py
+++ b/gui/gui_classic.py
@@ -2315,7 +2315,8 @@ class ElectrumGui:
 
 
     def password_dialog(self):
-        ElectrumWindow.change_password_dialog(self.wallet)
+        if self.wallet.seed:
+            ElectrumWindow.change_password_dialog(self.wallet)
 
 
     def restore_wallet(self):
diff --git a/lib/wallet.py b/lib/wallet.py
index 52ca49b20..5341f194a 100644
--- a/lib/wallet.py
+++ b/lib/wallet.py
@@ -161,16 +161,17 @@ class Wallet:
         self.seed = seed 
         self.config.set_key('seed', self.seed, True)
         self.config.set_key('seed_version', self.seed_version, True)
-
         mpk = ElectrumSequence.mpk_from_seed(self.seed)
+        self.init_sequence(mpk)
+
+
+    def init_sequence(self, mpk):
         self.config.set_key('master_public_key', mpk, True)
         self.sequences[0] = ElectrumSequence(mpk)
-
         self.accounts[0] = { 0:[], 1:[], 'name':'Main account' }
         self.config.set_key('accounts', self.accounts, True)
 
 
-
     def addresses(self, include_change = False):
         o = self.imported_keys.keys()
         for a in self.accounts.values():