diff --git a/clap-utils/src/keypair.rs b/clap-utils/src/keypair.rs
index 07b06af684..38dc7b0a2c 100644
--- a/clap-utils/src/keypair.rs
+++ b/clap-utils/src/keypair.rs
@@ -24,9 +24,11 @@ use {
         },
     },
     std::{
+        cell::RefCell,
         convert::TryFrom,
         error,
         io::{stdin, stdout, Write},
+        ops::Deref,
         process::exit,
         str::FromStr,
         sync::Arc,
@@ -90,12 +92,48 @@ impl CliSignerInfo {
     }
 }
 
+#[derive(Debug, Default)]
 pub struct DefaultSigner {
     pub arg_name: String,
     pub path: String,
+    is_path_checked: RefCell<bool>,
 }
 
 impl DefaultSigner {
+    pub fn new<AN: AsRef<str>, P: AsRef<str>>(arg_name: AN, path: P) -> Self {
+        let arg_name = arg_name.as_ref().to_string();
+        let path = path.as_ref().to_string();
+        Self {
+            arg_name,
+            path,
+            ..Self::default()
+        }
+    }
+
+    fn path(&self) -> Result<&str, Box<dyn std::error::Error>> {
+        if !self.is_path_checked.borrow().deref() {
+            parse_signer_source(&self.path)
+                .and_then(|s| {
+                    if let SignerSourceKind::Filepath(path) = &s.kind {
+                        std::fs::metadata(path).map(|_| ()).map_err(|e| e.into())
+                    } else {
+                        Ok(())
+                    }
+                })
+                .map_err(|_| {
+                    std::io::Error::new(
+                        std::io::ErrorKind::Other,
+                        format!(
+                        "No default signer found, run \"solana-keygen new -o {}\" to create a new one",
+                        self.path
+                    ),
+                    )
+                })?;
+            *self.is_path_checked.borrow_mut() = true;
+        }
+        Ok(&self.path)
+    }
+
     pub fn generate_unique_signers(
         &self,
         bulk_signers: Vec<Option<Box<dyn Signer>>>,
@@ -125,7 +163,7 @@ impl DefaultSigner {
         matches: &ArgMatches,
         wallet_manager: &mut Option<Arc<RemoteWalletManager>>,
     ) -> Result<Box<dyn Signer>, Box<dyn std::error::Error>> {
-        signer_from_path(matches, &self.path, &self.arg_name, wallet_manager)
+        signer_from_path(matches, self.path()?, &self.arg_name, wallet_manager)
     }
 
     pub fn signer_from_path_with_config(
@@ -134,7 +172,13 @@ impl DefaultSigner {
         wallet_manager: &mut Option<Arc<RemoteWalletManager>>,
         config: &SignerFromPathConfig,
     ) -> Result<Box<dyn Signer>, Box<dyn std::error::Error>> {
-        signer_from_path_with_config(matches, &self.path, &self.arg_name, wallet_manager, config)
+        signer_from_path_with_config(
+            matches,
+            self.path()?,
+            &self.arg_name,
+            wallet_manager,
+            config,
+        )
     }
 }
 
diff --git a/cli/src/cli.rs b/cli/src/cli.rs
index f488940704..73c4c00946 100644
--- a/cli/src/cli.rs
+++ b/cli/src/cli.rs
@@ -2299,10 +2299,7 @@ mod tests {
         let default_keypair_file = make_tmp_path("keypair_file");
         write_keypair_file(&default_keypair, &default_keypair_file).unwrap();
 
-        let default_signer = DefaultSigner {
-            arg_name: "keypair".to_string(),
-            path: default_keypair_file,
-        };
+        let default_signer = DefaultSigner::new("keypair", &default_keypair_file);
 
         let signer_info = default_signer
             .generate_unique_signers(vec![], &matches, &mut None)
@@ -2380,10 +2377,7 @@ mod tests {
         let keypair_file = make_tmp_path("keypair_file");
         write_keypair_file(&default_keypair, &keypair_file).unwrap();
         let keypair = read_keypair_file(&keypair_file).unwrap();
-        let default_signer = DefaultSigner {
-            path: keypair_file.clone(),
-            arg_name: "".to_string(),
-        };
+        let default_signer = DefaultSigner::new("", &keypair_file);
         // Test Airdrop Subcommand
         let test_airdrop =
             test_commands
@@ -2911,10 +2905,7 @@ mod tests {
         let default_keypair = Keypair::new();
         let default_keypair_file = make_tmp_path("keypair_file");
         write_keypair_file(&default_keypair, &default_keypair_file).unwrap();
-        let default_signer = DefaultSigner {
-            path: default_keypair_file.clone(),
-            arg_name: "".to_string(),
-        };
+        let default_signer = DefaultSigner::new("", &default_keypair_file);
 
         //Test Transfer Subcommand, SOL
         let from_keypair = keypair_from_seed(&[0u8; 32]).unwrap();
diff --git a/cli/src/cluster_query.rs b/cli/src/cluster_query.rs
index 758f789e20..9c275983c9 100644
--- a/cli/src/cluster_query.rs
+++ b/cli/src/cluster_query.rs
@@ -2098,10 +2098,7 @@ mod tests {
         let default_keypair = Keypair::new();
         let (default_keypair_file, mut tmp_file) = make_tmp_file();
         write_keypair(&default_keypair, tmp_file.as_file_mut()).unwrap();
-        let default_signer = DefaultSigner {
-            path: default_keypair_file,
-            arg_name: String::new(),
-        };
+        let default_signer = DefaultSigner::new("", &default_keypair_file);
 
         let test_cluster_version = test_commands
             .clone()
diff --git a/cli/src/main.rs b/cli/src/main.rs
index 2ceb2f4d83..164a684dc9 100644
--- a/cli/src/main.rs
+++ b/cli/src/main.rs
@@ -179,10 +179,7 @@ pub fn parse_args<'a>(
         &config.keypair_path,
     );
 
-    let default_signer = DefaultSigner {
-        arg_name: default_signer_arg_name,
-        path: default_signer_path.clone(),
-    };
+    let default_signer = DefaultSigner::new(default_signer_arg_name, &default_signer_path);
 
     let CliCommandInfo {
         command,
diff --git a/cli/src/nonce.rs b/cli/src/nonce.rs
index cf56bd792e..8e4b625fe8 100644
--- a/cli/src/nonce.rs
+++ b/cli/src/nonce.rs
@@ -596,10 +596,7 @@ mod tests {
         let default_keypair = Keypair::new();
         let (default_keypair_file, mut tmp_file) = make_tmp_file();
         write_keypair(&default_keypair, tmp_file.as_file_mut()).unwrap();
-        let default_signer = DefaultSigner {
-            path: default_keypair_file.clone(),
-            arg_name: String::new(),
-        };
+        let default_signer = DefaultSigner::new("", &default_keypair_file);
         let (keypair_file, mut tmp_file) = make_tmp_file();
         let nonce_account_keypair = Keypair::new();
         write_keypair(&nonce_account_keypair, tmp_file.as_file_mut()).unwrap();
diff --git a/cli/src/program.rs b/cli/src/program.rs
index ad5a730907..b10a80c1d1 100644
--- a/cli/src/program.rs
+++ b/cli/src/program.rs
@@ -2134,10 +2134,7 @@ mod tests {
         let default_keypair = Keypair::new();
         let keypair_file = make_tmp_path("keypair_file");
         write_keypair_file(&default_keypair, &keypair_file).unwrap();
-        let default_signer = DefaultSigner {
-            path: keypair_file.clone(),
-            arg_name: "".to_string(),
-        };
+        let default_signer = DefaultSigner::new("", &keypair_file);
 
         let test_command = test_commands.clone().get_matches_from(vec![
             "test",
@@ -2345,10 +2342,7 @@ mod tests {
         let default_keypair = Keypair::new();
         let keypair_file = make_tmp_path("keypair_file");
         write_keypair_file(&default_keypair, &keypair_file).unwrap();
-        let default_signer = DefaultSigner {
-            path: keypair_file.clone(),
-            arg_name: "".to_string(),
-        };
+        let default_signer = DefaultSigner::new("", &keypair_file);
 
         // defaults
         let test_command = test_commands.clone().get_matches_from(vec![
@@ -2496,10 +2490,7 @@ mod tests {
         let default_keypair = Keypair::new();
         let keypair_file = make_tmp_path("keypair_file");
         write_keypair_file(&default_keypair, &keypair_file).unwrap();
-        let default_signer = DefaultSigner {
-            path: keypair_file.clone(),
-            arg_name: "".to_string(),
-        };
+        let default_signer = DefaultSigner::new("", &keypair_file);
 
         let program_pubkey = Pubkey::new_unique();
         let new_authority_pubkey = Pubkey::new_unique();
@@ -2607,10 +2598,7 @@ mod tests {
         let default_keypair = Keypair::new();
         let keypair_file = make_tmp_path("keypair_file");
         write_keypair_file(&default_keypair, &keypair_file).unwrap();
-        let default_signer = DefaultSigner {
-            path: keypair_file.clone(),
-            arg_name: "".to_string(),
-        };
+        let default_signer = DefaultSigner::new("", &keypair_file);
 
         let buffer_pubkey = Pubkey::new_unique();
         let new_authority_pubkey = Pubkey::new_unique();
@@ -2667,10 +2655,7 @@ mod tests {
         let default_keypair = Keypair::new();
         let keypair_file = make_tmp_path("keypair_file");
         write_keypair_file(&default_keypair, &keypair_file).unwrap();
-        let default_signer = DefaultSigner {
-            path: keypair_file,
-            arg_name: "".to_string(),
-        };
+        let default_signer = DefaultSigner::new("", &keypair_file);
 
         // defaults
         let buffer_pubkey = Pubkey::new_unique();
@@ -2769,10 +2754,7 @@ mod tests {
         let default_keypair = Keypair::new();
         let keypair_file = make_tmp_path("keypair_file");
         write_keypair_file(&default_keypair, &keypair_file).unwrap();
-        let default_signer = DefaultSigner {
-            path: keypair_file.clone(),
-            arg_name: "".to_string(),
-        };
+        let default_signer = DefaultSigner::new("", &keypair_file);
 
         // defaults
         let buffer_pubkey = Pubkey::new_unique();
diff --git a/cli/src/stake.rs b/cli/src/stake.rs
index 0b8566de1c..1bdb3c302f 100644
--- a/cli/src/stake.rs
+++ b/cli/src/stake.rs
@@ -2117,10 +2117,7 @@ mod tests {
         let default_keypair = Keypair::new();
         let (default_keypair_file, mut tmp_file) = make_tmp_file();
         write_keypair(&default_keypair, tmp_file.as_file_mut()).unwrap();
-        let default_signer = DefaultSigner {
-            path: default_keypair_file.clone(),
-            arg_name: String::new(),
-        };
+        let default_signer = DefaultSigner::new("", &default_keypair_file);
         let (keypair_file, mut tmp_file) = make_tmp_file();
         let stake_account_keypair = Keypair::new();
         write_keypair(&stake_account_keypair, tmp_file.as_file_mut()).unwrap();
diff --git a/cli/src/vote.rs b/cli/src/vote.rs
index 18ffd1f37a..8ef78a5003 100644
--- a/cli/src/vote.rs
+++ b/cli/src/vote.rs
@@ -826,10 +826,7 @@ mod tests {
         let default_keypair = Keypair::new();
         let (default_keypair_file, mut tmp_file) = make_tmp_file();
         write_keypair(&default_keypair, tmp_file.as_file_mut()).unwrap();
-        let default_signer = DefaultSigner {
-            path: default_keypair_file.clone(),
-            arg_name: String::new(),
-        };
+        let default_signer = DefaultSigner::new("", &default_keypair_file);
 
         let test_authorize_voter = test_commands.clone().get_matches_from(vec![
             "test",