diff --git a/mysql-test/suite/innodb/r/innodb_mysql.result b/mysql-test/suite/innodb/r/innodb_mysql.result
index 7d96a4acf3f..b6976e43bcb 100644
--- a/mysql-test/suite/innodb/r/innodb_mysql.result
+++ b/mysql-test/suite/innodb/r/innodb_mysql.result
@@ -2663,7 +2663,6 @@ COUNT(*)
 1537
 SET SESSION sort_buffer_size = DEFAULT;
 DROP TABLE t1;
-End of 5.1 tests
 #
 # Test for bug #39932 "create table fails if column for FK is in different
 #                      case than in corr index".
@@ -2685,6 +2684,23 @@ t2	CREATE TABLE `t2` (
 ) ENGINE=InnoDB DEFAULT CHARSET=latin1
 drop table t2, t1;
 #
+# Test for bug #11762012 - "54553: INNODB ASSERTS IN HA_INNOBASE::
+#                           UPDATE_ROW, TEMPORARY TABLE, TABLE LOCK".
+#
+DROP TABLE IF EXISTS t1;
+CREATE TEMPORARY TABLE t1 (c int) ENGINE = InnoDB;
+INSERT INTO t1 VALUES (1);
+LOCK TABLES t1 READ;
+# Even though temporary table was locked for READ we
+# still allow writes to it to be compatible with MyISAM.
+# This is possible since due to fact that temporary tables
+# are specific to connection and therefore locking for them
+# is irrelevant.
+UPDATE t1 SET c = 5;
+UNLOCK TABLES;
+DROP TEMPORARY TABLE t1;
+End of 5.1 tests
+#
 # Bug#44613 SELECT statement inside FUNCTION takes a shared lock
 #
 DROP TABLE IF EXISTS t1;
diff --git a/mysql-test/suite/innodb/t/innodb_mysql.test b/mysql-test/suite/innodb/t/innodb_mysql.test
index acc843341eb..910b93b443b 100644
--- a/mysql-test/suite/innodb/t/innodb_mysql.test
+++ b/mysql-test/suite/innodb/t/innodb_mysql.test
@@ -830,8 +830,6 @@ SET SESSION sort_buffer_size = DEFAULT;
 
 DROP TABLE t1;
 
---echo End of 5.1 tests
-
 
 --echo #
 --echo # Test for bug #39932 "create table fails if column for FK is in different
@@ -851,6 +849,28 @@ show create table t2;
 drop table t2, t1;
 
 
+--echo #
+--echo # Test for bug #11762012 - "54553: INNODB ASSERTS IN HA_INNOBASE::
+--echo #                           UPDATE_ROW, TEMPORARY TABLE, TABLE LOCK".
+--echo #
+--disable_warnings
+DROP TABLE IF EXISTS t1;
+--enable_warnings
+CREATE TEMPORARY TABLE t1 (c int) ENGINE = InnoDB;
+INSERT INTO t1 VALUES (1);
+LOCK TABLES t1 READ;
+--echo # Even though temporary table was locked for READ we
+--echo # still allow writes to it to be compatible with MyISAM.
+--echo # This is possible since due to fact that temporary tables
+--echo # are specific to connection and therefore locking for them
+--echo # is irrelevant.
+UPDATE t1 SET c = 5;
+UNLOCK TABLES;
+DROP TEMPORARY TABLE t1;
+
+--echo End of 5.1 tests
+
+
 --echo #
 --echo # Bug#44613 SELECT statement inside FUNCTION takes a shared lock
 --echo #
diff --git a/sql/sql_parse.cc b/sql/sql_parse.cc
index 4f5bce3e8af..44a9243d8f5 100644
--- a/sql/sql_parse.cc
+++ b/sql/sql_parse.cc
@@ -1748,6 +1748,67 @@ bool sp_process_definer(THD *thd)
 }
 
 
+/**
+  Auxiliary call that opens and locks tables for LOCK TABLES statement
+  and initializes the list of locked tables.
+
+  @param thd     Thread context.
+  @param tables  List of tables to be locked.
+
+  @return FALSE in case of success, TRUE in case of error.
+*/
+
+static bool lock_tables_open_and_lock_tables(THD *thd, TABLE_LIST *tables)
+{
+  Lock_tables_prelocking_strategy lock_tables_prelocking_strategy;
+  uint counter;
+  TABLE_LIST *table;
+
+  thd->in_lock_tables= 1;
+
+  if (open_tables(thd, &tables, &counter, 0, &lock_tables_prelocking_strategy))
+    goto err;
+
+  /*
+    We allow to change temporary tables even if they were locked for read
+    by LOCK TABLES. To avoid a discrepancy between lock acquired at LOCK
+    TABLES time and by the statement which is later executed under LOCK TABLES
+    we ensure that for temporary tables we always request a write lock (such
+    discrepancy can cause problems for the storage engine).
+    We don't set TABLE_LIST::lock_type in this case as this might result in
+    extra warnings from THD::decide_logging_format() even though binary logging
+    is totally irrelevant for LOCK TABLES.
+  */
+  for (table= tables; table; table= table->next_global)
+    if (!table->placeholder() && table->table->s->tmp_table)
+      table->table->reginfo.lock_type= TL_WRITE;
+
+  if (lock_tables(thd, tables, counter, 0) ||
+      thd->locked_tables_list.init_locked_tables(thd))
+    goto err;
+
+  thd->in_lock_tables= 0;
+
+  return FALSE;
+
+err:
+  thd->in_lock_tables= 0;
+
+  trans_rollback_stmt(thd);
+  /*
+    Need to end the current transaction, so the storage engine (InnoDB)
+    can free its locks if LOCK TABLES locked some tables before finding
+    that it can't lock a table in its list
+  */
+  trans_commit_implicit(thd);
+  /* Close tables and release metadata locks. */
+  close_thread_tables(thd);
+  DBUG_ASSERT(!thd->locked_tables_mode);
+  thd->mdl_context.release_transactional_locks();
+  return TRUE;
+}
+
+
 /**
   Execute command saved in thd and lex->sql_command.
 
@@ -3093,31 +3154,11 @@ end_with_restore_list:
       goto error;
 
     thd->variables.option_bits|= OPTION_TABLE_LOCK;
-    thd->in_lock_tables=1;
 
-    {
-      Lock_tables_prelocking_strategy lock_tables_prelocking_strategy;
-
-      res= (open_and_lock_tables(thd, all_tables, FALSE, 0,
-                                 &lock_tables_prelocking_strategy) ||
-            thd->locked_tables_list.init_locked_tables(thd));
-    }
-
-    thd->in_lock_tables= 0;
+    res= lock_tables_open_and_lock_tables(thd, all_tables);
 
     if (res)
     {
-      trans_rollback_stmt(thd);
-      /*
-        Need to end the current transaction, so the storage engine (InnoDB)
-        can free its locks if LOCK TABLES locked some tables before finding
-        that it can't lock a table in its list
-      */
-      trans_commit_implicit(thd);
-      /* Close tables and release metadata locks. */
-      close_thread_tables(thd);
-      DBUG_ASSERT(!thd->locked_tables_mode);
-      thd->mdl_context.release_transactional_locks();
       thd->variables.option_bits&= ~(OPTION_TABLE_LOCK);
     }
     else