Index: oak-core/src/main/java/org/apache/jackrabbit/oak/core/MutableTree.java
===================================================================
--- oak-core/src/main/java/org/apache/jackrabbit/oak/core/MutableTree.java	(revision 1777088)
+++ oak-core/src/main/java/org/apache/jackrabbit/oak/core/MutableTree.java	(working copy)
@@ -20,9 +20,12 @@
 
 import static com.google.common.base.Preconditions.checkArgument;
 import static com.google.common.base.Preconditions.checkNotNull;
+import static com.google.common.collect.Lists.newArrayList;
 import static org.apache.jackrabbit.oak.commons.PathUtils.elements;
 import static org.apache.jackrabbit.oak.commons.PathUtils.isAbsolute;
 
+import java.util.List;
+
 import javax.annotation.CheckForNull;
 import javax.annotation.Nonnull;
 import javax.annotation.Nullable;
@@ -355,16 +358,18 @@
     }
 
     private boolean applyPendingMoves() {
-        boolean movesApplied = false;
-        if (parent != null) {
-            movesApplied = parent.applyPendingMoves();
+        List<MutableTree> hierarchy = newArrayList();
+        for (MutableTree t = this; t != null; t = t.parent) {
+            hierarchy.add(t);
         }
-        Move old = pendingMoves;
-        pendingMoves = pendingMoves.apply(this);
-        if (pendingMoves != old) {
-            movesApplied = true;
+        boolean result = false;
+        for (int i = hierarchy.size() - 1; i >= 0; i--) {
+            MutableTree tree = hierarchy.get(i);
+            Move old = tree.pendingMoves;
+            tree.pendingMoves = old.apply(tree);
+            result = result || old != tree.pendingMoves;
         }
-        return movesApplied;
+        return result;
     }
 
 }