diff -up bind-9.7.1/bin/named/server.c.compat-default-keysdir bind-9.7.1/bin/named/server.c
--- bind-9.7.1/bin/named/server.c.compat-default-keysdir	2010-06-28 13:05:21.109461735 +0200
+++ bind-9.7.1/bin/named/server.c	2010-06-28 13:05:36.228734577 +0200
@@ -734,7 +734,7 @@ configure_view_dnsseckeys(dns_view_t *vi
 	 */
 	obj = NULL;
 	(void)ns_config_get(maps, "managed-keys-directory", &obj);
-	directory = obj != NULL ? cfg_obj_asstring(obj) : NULL;
+	directory = obj != NULL ? cfg_obj_asstring(obj) : "/var/named/dynamic";
 	CHECK(add_keydata_zone(view, directory, ns_g_mctx));
 
   cleanup: