Index: src/main/java/org/apache/maven/shared/filtering/DefaultMavenFileFilter.java
===================================================================
--- src/main/java/org/apache/maven/shared/filtering/DefaultMavenFileFilter.java	(revision 1235107)
+++ src/main/java/org/apache/maven/shared/filtering/DefaultMavenFileFilter.java	(working copy)
@@ -28,6 +28,7 @@
 import java.util.LinkedHashSet;
 import java.util.List;
 import java.util.Properties;
+import java.io.FileNotFoundException;
 
 import org.apache.maven.execution.MavenSession;
 import org.apache.maven.project.MavenProject;
@@ -269,6 +270,13 @@
             Properties workProperties = new Properties();
             workProperties.putAll( baseProps );
 
+	    // If there are more than one property files specified
+	    // exception should be thrown if and only if all of them are missing.
+	    // This will ensure having multiple "overridable" property files specified.
+	    
+	    int noOfPropertyFiles = propertiesFilePaths.size();
+	    int noOfMissingPropertyFiles = 0;
+
             for ( Iterator iterator = propertiesFilePaths.iterator(); iterator.hasNext(); )
             {
                 String filterFile = (String) iterator.next();
@@ -284,6 +292,15 @@
                     filterProperties.putAll( properties );
                     workProperties.putAll( properties );
                 }
+		catch(FileNotFoundException fne)
+		    {
+			noOfMissingPropertyFiles++;
+			// Warn about the missing property file
+			getLogger().warn(" Missing file "+ filterFile);
+			if (noOfMissingPropertyFiles >= noOfPropertyFiles )
+			    throw new MavenFilteringException(" All of the property files are missing "+ propertiesFilePaths, fne);
+			
+		    }
                 catch ( IOException e )
                 {
                     throw new MavenFilteringException( "Error loading property file '" + filterFile + "'", e );