diff --git a/src/ast/compiler/type_checker.rs b/src/ast/compiler/type_checker.rs
index 8c6183e..87927bd 100644
--- a/src/ast/compiler/type_checker.rs
+++ b/src/ast/compiler/type_checker.rs
@@ -906,7 +906,10 @@ impl TypeChecker {
 
             NodeKind::Identifier { symbol, binding } => {
                 if let IdentifierBinding::Reference(addr) = binding {
-                    let ty = ctx.get_type(*addr);
+                    // Apply the current HM substitution so that TypeVars resolved in
+                    // nested scopes (e.g. inside a `while` body) are visible here even
+                    // when ctx.set_type could not propagate back through an upvalue address.
+                    let ty = Self::apply_subst(ctx.get_type(*addr), &self.subst.borrow());
                     (
                         NodeKind::Identifier {
                             symbol: symbol.clone(),
@@ -915,7 +918,7 @@ impl TypeChecker {
                         ty,
                     )
                 } else if let IdentifierBinding::Declaration { addr, kind: decl_kind } = binding {
-                    let ty = ctx.get_type(*addr);
+                    let ty = Self::apply_subst(ctx.get_type(*addr), &self.subst.borrow());
                     (
                         NodeKind::Identifier {
                             symbol: symbol.clone(),
diff --git a/tests/rtl_series.rs b/tests/rtl_series.rs
index 241a12e..3252255 100644
--- a/tests/rtl_series.rs
+++ b/tests/rtl_series.rs
@@ -40,6 +40,31 @@ fn test_series_infer_type_from_nested_closure() {
     }
 }
 
+/// Regression test: TypeVar on a series used as an upvalue inside a `while` loop
+/// (zero-parameter lambda created by the macro) must be resolved via the global
+/// substitution even when `ctx.set_type` silently ignores the upvalue address.
+#[test]
+fn test_series_typevar_resolved_through_while_upvalue() {
+    let env = Environment::new();
+    let source = r#"
+    (do
+      (def ticks (series 10))
+      (def i 0)
+      (while (< i 3)
+        (do
+          (push ticks {:price (* i 1.0)})
+          (assign i (+ i 1))))
+      (def p (.price ticks))
+      (p 0)
+    )
+    "#;
+    let result = env.run_script(source);
+    match result {
+        Ok(Value::Float(v)) if (v - 2.0).abs() < 1e-9 => {}
+        other => panic!("Expected Float(2.0), got {:?}", other),
+    }
+}
+
 #[test]
 fn test_record_structural_equality_order() {
     let env = Environment::new();