diff --git a/bake/bakefile.py b/bake/bakefile.py
index 2edf21a..283877c 100644
--- a/bake/bakefile.py
+++ b/bake/bakefile.py
@@ -147,11 +147,13 @@ class Bakefile:
         i = 0
         for c, d, f in utils.walk_up(root):
             if i > max_depth:
-                raise NoBakefileFound(f"No {filename} found!")
+                break
             elif filename in f:
                 return Class(path=os.path.join(c, filename))
             i += 1
 
+        raise NoBakefileFound(f"No {filename} found!")
+
     @property
     def source(self):
         with open(self.path, "r") as f: