diff --git a/src/xrpld/app/misc/detail/AMMUtils.cpp b/src/xrpld/app/misc/detail/AMMUtils.cpp
index f5f6ae6612c..73c4ae36010 100644
--- a/src/xrpld/app/misc/detail/AMMUtils.cpp
+++ b/src/xrpld/app/misc/detail/AMMUtils.cpp
@@ -116,13 +116,34 @@ ammLPHolds(
     AccountID const& lpAccount,
     beast::Journal const j)
 {
-    return accountHolds(
-        view,
-        lpAccount,
-        ammLPTCurrency(cur1, cur2),
-        ammAccount,
-        FreezeHandling::fhZERO_IF_FROZEN,
-        j);
+    auto const currency = ammLPTCurrency(cur1, cur2);
+    STAmount amount;
+
+    // IOU: Return balance on trust line modulo freeze
+    auto const sle = view.read(keylet::line(lpAccount, ammAccount, currency));
+    if (!sle)
+    {
+        amount.clear(Issue{currency, ammAccount});
+    }
+    else if (isFrozen(view, lpAccount, currency, ammAccount))
+    {
+        amount.clear(Issue{currency, ammAccount});
+    }
+    else
+    {
+        amount = sle->getFieldAmount(sfBalance);
+        if (lpAccount > ammAccount)
+        {
+            // Put balance in account terms.
+            amount.negate();
+        }
+        amount.setIssuer(ammAccount);
+    }
+    JLOG(j.trace()) << "ammLPHolds:"
+                    << " account=" << to_string(lpAccount)
+                    << " amount=" << amount.getFullText();
+
+    return view.balanceHook(lpAccount, ammAccount, amount);
 }
 
 STAmount
diff --git a/src/xrpld/ledger/detail/View.cpp b/src/xrpld/ledger/detail/View.cpp
index 8347f476245..fc6e2565317 100644
--- a/src/xrpld/ledger/detail/View.cpp
+++ b/src/xrpld/ledger/detail/View.cpp
@@ -317,7 +317,8 @@ accountHolds(
 
         // if it's a LPToken, also need to check if issuers of the asset pair
         // has frozen holder's trustline
-        if (view.rules().enabled(fixFrozenLPTokenTransfer))
+        if (view.rules().enabled(fixFrozenLPTokenTransfer) &&
+            zeroIfFrozen == fhZERO_IF_FROZEN)
         {
             auto const sleIssuer = view.read(keylet::account(issuer));
             if (!sleIssuer)
@@ -331,8 +332,7 @@ accountHolds(
 
                 assert(sleAmm);
 
-                if ((zeroIfFrozen == fhZERO_IF_FROZEN) &&
-                    isLPTokenFrozen(
+                if (isLPTokenFrozen(
                         view,
                         account,
                         (*sleAmm)[sfAsset].get<Issue>(),