Nested use of found doesn't seem to be working

[kkoster]

I have a simple plpgsql function that loops using a cursor and performs inserts/updates on a couple of tables. When I run the SQL piecemeal in pgAdmin's SQL editor everything looks OK. However, the IF statement that uses FOUND within the loop seems to always false. Any constructive insights would be appreciated.

DECLARE
   dcursor CURSOR (tdate date) IS SELECT * FROM recon.sp_ubsdaily_asof(tdate) AS u WHERE u.maturity_date >= tdate AND u.qty <> 0
      AND NOT EXISTS(SELECT 1 FROM recon.ubs_daily_portfolio AS p WHERE u.serial_number = p.serial_number);
   udaily recon.ubsdaily%ROWTYPE; 
   umark recon.ubsmark%ROWTYPE;
   ubscount bigint;
 
BEGIN
   SELECT COUNT(*) INTO ubscount FROM recon.ubs_daily_portfolio;
 
   IF ubscount = 0 THEN
      EXIT;
   END IF;
 
   OPEN dcursor(asof);
 
   LOOP
      FETCH dcursor INTO udaily;
      EXIT WHEN NOT FOUND;
 
      IF (udaily.modified_date <> asof) THEN
         INSERT INTO recon.ubsdaily (serial_number, modified_date, trade_date, maturity_date, deal_price, strike, trade_type, market,
            product_code, product_name, acct_number, qty, ccy_code, strategy, tp_id, arcim_id)
            VALUES(udaily.serial_number, asof, udaily.trade_date, udaily.maturity_date, udaily.deal_price, udaily.strike, 
            udaily.trade_type, udaily.market, udaily.product_code, udaily.product_name, udaily.acct_number, 0, udaily.ccy_code, 
            udaily.strategy, udaily.tp_id, udaily.arcim_id);
      ELSE 
         UPDATE recon.ubsdaily SET qty = 0 WHERE id = udaily.id;
      END IF;
 
      SELECT m.* INTO umark FROM recon.ubsmark AS m WHERE m.serial_number = udaily.serial_number 
         AND m.mark_date = (SELECT MAX(mm.mark_date) FROM recon.ubsmark AS mm WHERE mm.serial_number = udaily.serial_number AND mm.mark_date <= asof);
 
      IF NOT FOUND THEN
         INSERT INTO recon.ubsmark (serial_number, mark_date, mark, implied_pnl, variation_margin, premium_value, realized_pnl) 
            VALUES(udaily.serial_number, asof, 0, 0, 0, 0, 0);
      ELSE 
 
         IF (umark.mark_date = asof) THEN
            UPDATE recon.ubsmark set implied_pnl = 0, variation_margin = 0, premium_value = 0, realized_pnl = umark.implied_pnl 
               WHERE id = umark.id;
         ELSE
            INSERT INTO recon.ubsmark (serial_number, mark_date, mark, implied_pnl, variation_margin, premium_value, realized_pnl) 
               VALUES(udaily.serial_number, asof, 0, 0, 0, 0, umark.realized_pnl);
         END IF;
 
      END IF;
 
   END LOOP;
 
   CLOSE dcursor;
END;
 

[jshanab]

Speculation here,
The Manual says that FOUND is a local variable initially set to False in PLPGsql functions. Maybe you can't access it inside the nested instance. Perhaps wrapping the nested part in a begin-end block of it's own will get you an instance