diff --git a/tests/functional/codegen/features/test_assert.py b/tests/functional/codegen/features/test_assert.py
index df379d3f16..de9dd17ef6 100644
--- a/tests/functional/codegen/features/test_assert.py
+++ b/tests/functional/codegen/features/test_assert.py
@@ -107,14 +107,6 @@ def test():
     assert self.ret1() == 1
     """,
     """
-@internal
-def valid_address(sender: address) -> bool:
-    selfdestruct(sender)
-@external
-def test():
-    assert self.valid_address(msg.sender)
-    """,
-    """
 @external
 def test():
     assert raw_call(msg.sender, b'', max_outsize=1, gas=10, value=1000*1000) == b''
diff --git a/tests/functional/codegen/features/test_conditionals.py b/tests/functional/codegen/features/test_conditionals.py
index 15ccc40bdf..3b0e57eeca 100644
--- a/tests/functional/codegen/features/test_conditionals.py
+++ b/tests/functional/codegen/features/test_conditionals.py
@@ -7,7 +7,6 @@ def foo(i: bool) -> int128:
     else:
         assert 2 != 0
         return 7
-    return 11
     """
 
     c = get_contract_with_gas_estimation(conditional_return_code)
diff --git a/tests/functional/syntax/test_unbalanced_return.py b/tests/functional/syntax/test_unbalanced_return.py
index d1d9732777..d5754f0053 100644
--- a/tests/functional/syntax/test_unbalanced_return.py
+++ b/tests/functional/syntax/test_unbalanced_return.py
@@ -8,7 +8,7 @@
         """
 @external
 def foo() -> int128:
-    pass
+    pass  # missing return
     """,
         FunctionDeclarationException,
     ),
@@ -18,6 +18,7 @@ def foo() -> int128:
 def foo() -> int128:
     if False:
         return 123
+    # missing return
     """,
         FunctionDeclarationException,
     ),
@@ -27,19 +28,19 @@ def foo() -> int128:
 def test() -> int128:
     if 1 == 1 :
         return 1
-        if True:
+        if True:  # unreachable
             return 0
     else:
         assert msg.sender != msg.sender
     """,
-        FunctionDeclarationException,
+        StructureException,
     ),
     (
         """
 @internal
 def valid_address(sender: address) -> bool:
     selfdestruct(sender)
-    return True
+    return True  # unreachable
     """,
         StructureException,
     ),
@@ -48,7 +49,7 @@ def valid_address(sender: address) -> bool:
 @internal
 def valid_address(sender: address) -> bool:
     selfdestruct(sender)
-    a: address = sender
+    a: address = sender  # unreachable
     """,
         StructureException,
     ),
@@ -58,7 +59,7 @@ def valid_address(sender: address) -> bool:
 def valid_address(sender: address) -> bool:
     if sender == empty(address):
         selfdestruct(sender)
-        _sender: address = sender
+        _sender: address = sender  # unreachable
     else:
         return False
     """,
@@ -69,7 +70,7 @@ def valid_address(sender: address) -> bool:
 @internal
 def foo() -> bool:
     raw_revert(b"vyper")
-    return True
+    return True  # unreachable
     """,
         StructureException,
     ),
@@ -78,7 +79,7 @@ def foo() -> bool:
 @internal
 def foo() -> bool:
     raw_revert(b"vyper")
-    x: uint256 = 3
+    x: uint256 = 3  # unreachable
     """,
         StructureException,
     ),
@@ -88,12 +89,35 @@ def foo() -> bool:
 def foo(x: uint256) -> bool:
     if x == 2:
         raw_revert(b"vyper")
-        a: uint256 = 3
+        a: uint256 = 3  # unreachable
     else:
         return False
     """,
         StructureException,
     ),
+    (
+        """
+@internal
+def foo():
+    return
+    return  # unreachable
+    """,
+        StructureException,
+    ),
+    (
+        """
+@internal
+def foo() -> uint256:
+    if block.number % 2 == 0:
+        return 5
+    elif block.number % 3 == 0:
+        return 6
+    else:
+        return 10
+    return 0  # unreachable
+    """,
+        StructureException,
+    ),
 ]
 
 
@@ -154,7 +178,6 @@ def test() -> int128:
     else:
         x = keccak256(x)
         return 1
-    return 1
     """,
     """
 @external
diff --git a/vyper/ast/nodes.py b/vyper/ast/nodes.py
index df419daa25..de15fb9075 100644
--- a/vyper/ast/nodes.py
+++ b/vyper/ast/nodes.py
@@ -237,8 +237,6 @@ class VyperNode:
         Field names that, if present, must be set to None or a `SyntaxException`
         is raised. This attribute is used to exclude syntax that is valid in Python
         but not in Vyper.
-    _is_terminus : bool, optional
-        If `True`, indicates that execution halts upon reaching this node.
     _translated_fields : Dict, optional
         Field names that are reassigned if encountered. Used to normalize fields
         across different Python versions.
@@ -389,6 +387,13 @@ def is_literal_value(self):
         """
         return False
 
+    @property
+    def is_terminus(self):
+        """
+        Check if execution halts upon reaching this node.
+        """
+        return False
+
     @property
     def has_folded_value(self):
         """
@@ -711,12 +716,19 @@ class Stmt(VyperNode):
 
 class Return(Stmt):
     __slots__ = ("value",)
-    _is_terminus = True
+
+    @property
+    def is_terminus(self):
+        return True
 
 
 class Expr(Stmt):
     __slots__ = ("value",)
 
+    @property
+    def is_terminus(self):
+        return self.value.is_terminus
+
 
 class Log(Stmt):
     __slots__ = ("value",)
@@ -1187,6 +1199,21 @@ def _op(self, left, right):
 class Call(ExprNode):
     __slots__ = ("func", "args", "keywords")
 
+    @property
+    def is_terminus(self):
+        # cursed import cycle!
+        from vyper.builtins.functions import get_builtin_functions
+
+        if not isinstance(self.func, Name):
+            return False
+
+        funcname = self.func.id
+        builtin_t = get_builtin_functions().get(funcname)
+        if builtin_t is None:
+            return False
+
+        return builtin_t._is_terminus
+
 
 class keyword(VyperNode):
     __slots__ = ("arg", "value")
@@ -1322,7 +1349,10 @@ class AugAssign(Stmt):
 class Raise(Stmt):
     __slots__ = ("exc",)
     _only_empty_fields = ("cause",)
-    _is_terminus = True
+
+    @property
+    def is_terminus(self):
+        return True
 
 
 class Assert(Stmt):
diff --git a/vyper/builtins/_signatures.py b/vyper/builtins/_signatures.py
index aac008ad1e..1a488f39e0 100644
--- a/vyper/builtins/_signatures.py
+++ b/vyper/builtins/_signatures.py
@@ -85,6 +85,7 @@ class BuiltinFunctionT(VyperType):
     _kwargs: dict[str, KwargSettings] = {}
     _modifiability: Modifiability = Modifiability.MODIFIABLE
     _return_type: Optional[VyperType] = None
+    _is_terminus = False
 
     # helper function to deal with TYPE_DEFINITIONs
     def _validate_single(self, arg: vy_ast.VyperNode, expected_type: VyperType) -> None:
diff --git a/vyper/codegen/core.py b/vyper/codegen/core.py
index c16de3c55a..c3215f8c16 100644
--- a/vyper/codegen/core.py
+++ b/vyper/codegen/core.py
@@ -1,12 +1,11 @@
 import contextlib
 from typing import Generator
 
-from vyper import ast as vy_ast
 from vyper.codegen.ir_node import Encoding, IRnode
 from vyper.compiler.settings import OptimizationLevel
 from vyper.evm.address_space import CALLDATA, DATA, IMMUTABLES, MEMORY, STORAGE, TRANSIENT
 from vyper.evm.opcodes import version_check
-from vyper.exceptions import CompilerPanic, StructureException, TypeCheckFailure, TypeMismatch
+from vyper.exceptions import CompilerPanic, TypeCheckFailure, TypeMismatch
 from vyper.semantics.types import (
     AddressT,
     BoolT,
@@ -1035,43 +1034,6 @@ def eval_seq(ir_node):
     return None
 
 
-def is_return_from_function(node):
-    if isinstance(node, vy_ast.Expr) and node.get("value.func.id") in (
-        "raw_revert",
-        "selfdestruct",
-    ):
-        return True
-    if isinstance(node, (vy_ast.Return, vy_ast.Raise)):
-        return True
-    return False
-
-
-# TODO this is almost certainly duplicated with check_terminus_node
-# in vyper/semantics/analysis/local.py
-def check_single_exit(fn_node):
-    _check_return_body(fn_node, fn_node.body)
-    for node in fn_node.get_descendants(vy_ast.If):
-        _check_return_body(node, node.body)
-        if node.orelse:
-            _check_return_body(node, node.orelse)
-
-
-def _check_return_body(node, node_list):
-    return_count = len([n for n in node_list if is_return_from_function(n)])
-    if return_count > 1:
-        raise StructureException(
-            "Too too many exit statements (return, raise or selfdestruct).", node
-        )
-    # Check for invalid code after returns.
-    last_node_pos = len(node_list) - 1
-    for idx, n in enumerate(node_list):
-        if is_return_from_function(n) and idx < last_node_pos:
-            # is not last statement in body.
-            raise StructureException(
-                "Exit statement with succeeding code (that will not execute).", node_list[idx + 1]
-            )
-
-
 def mzero(dst, nbytes):
     # calldatacopy from past-the-end gives zero bytes.
     # cf. YP H.2 (ops section) with CALLDATACOPY spec.
diff --git a/vyper/codegen/function_definitions/common.py b/vyper/codegen/function_definitions/common.py
index 454ba9c8cd..5877ff3d13 100644
--- a/vyper/codegen/function_definitions/common.py
+++ b/vyper/codegen/function_definitions/common.py
@@ -4,7 +4,6 @@
 
 import vyper.ast as vy_ast
 from vyper.codegen.context import Constancy, Context
-from vyper.codegen.core import check_single_exit
 from vyper.codegen.function_definitions.external_function import generate_ir_for_external_function
 from vyper.codegen.function_definitions.internal_function import generate_ir_for_internal_function
 from vyper.codegen.ir_node import IRnode
@@ -115,10 +114,6 @@ def generate_ir_for_function(
     # generate _FuncIRInfo
     func_t._ir_info = _FuncIRInfo(func_t)
 
-    # Validate return statements.
-    # XXX: This should really be in semantics pass.
-    check_single_exit(code)
-
     callees = func_t.called_functions
 
     # we start our function frame from the largest callee frame
diff --git a/vyper/codegen/stmt.py b/vyper/codegen/stmt.py
index a47faefeb1..7d4938f287 100644
--- a/vyper/codegen/stmt.py
+++ b/vyper/codegen/stmt.py
@@ -15,7 +15,6 @@
     get_dyn_array_count,
     get_element_ptr,
     getpos,
-    is_return_from_function,
     make_byte_array_copier,
     make_setter,
     pop_dyn_array,
@@ -404,7 +403,7 @@ def parse_stmt(stmt, context):
 def _is_terminated(code):
     last_stmt = code[-1]
 
-    if is_return_from_function(last_stmt):
+    if last_stmt.is_terminus:
         return True
 
     if isinstance(last_stmt, vy_ast.If):
diff --git a/vyper/semantics/analysis/local.py b/vyper/semantics/analysis/local.py
index cc8ddaf98d..c4af5b1e3a 100644
--- a/vyper/semantics/analysis/local.py
+++ b/vyper/semantics/analysis/local.py
@@ -66,26 +66,28 @@ def validate_functions(vy_module: vy_ast.Module) -> None:
     err_list.raise_if_not_empty()
 
 
-def _is_terminus_node(node: vy_ast.VyperNode) -> bool:
-    if getattr(node, "_is_terminus", None):
-        return True
-    if isinstance(node, vy_ast.Expr) and isinstance(node.value, vy_ast.Call):
-        func = get_exact_type_from_node(node.value.func)
-        if getattr(func, "_is_terminus", None):
-            return True
-    return False
-
-
-def check_for_terminus(node_list: list) -> bool:
-    if next((i for i in node_list if _is_terminus_node(i)), None):
-        return True
-    for node in [i for i in node_list if isinstance(i, vy_ast.If)][::-1]:
-        if not node.orelse or not check_for_terminus(node.orelse):
-            continue
-        if not check_for_terminus(node.body):
-            continue
-        return True
-    return False
+# finds the terminus node for a list of nodes.
+# raises an exception if any nodes are unreachable
+def find_terminating_node(node_list: list) -> Optional[vy_ast.VyperNode]:
+    ret = None
+
+    for node in node_list:
+        if ret is not None:
+            raise StructureException("Unreachable code!", node)
+        if node.is_terminus:
+            ret = node
+
+        if isinstance(node, vy_ast.If):
+            body_terminates = find_terminating_node(node.body)
+
+            else_terminates = None
+            if node.orelse is not None:
+                else_terminates = find_terminating_node(node.orelse)
+
+            if body_terminates is not None and else_terminates is not None:
+                ret = else_terminates
+
+    return ret
 
 
 def _check_iterator_modification(
@@ -201,11 +203,13 @@ def analyze(self):
             self.visit(node)
 
         if self.func.return_type:
-            if not check_for_terminus(self.fn_node.body):
+            if not find_terminating_node(self.fn_node.body):
                 raise FunctionDeclarationException(
-                    f"Missing or unmatched return statements in function '{self.fn_node.name}'",
-                    self.fn_node,
+                    f"Missing return statement in function '{self.fn_node.name}'", self.fn_node
                 )
+        else:
+            # call find_terminator for its unreachable code detection side effect
+            find_terminating_node(self.fn_node.body)
 
         # visit default args
         assert self.func.n_keyword_args == len(self.fn_node.args.defaults)
@@ -468,7 +472,7 @@ def visit_Return(self, node):
                 raise FunctionDeclarationException("Return statement is missing a value", node)
             return
         elif self.func.return_type is None:
-            raise FunctionDeclarationException("Function does not return any values", node)
+            raise FunctionDeclarationException("Function should not return any values", node)
 
         if isinstance(values, vy_ast.Tuple):
             values = values.elements