diff --git a/src/node/transaction.h b/src/node/transaction.h
--- a/src/node/transaction.h
+++ b/src/node/transaction.h
@@ -14,7 +14,14 @@
 struct TxId;
 
 /**
- * Broadcast a transaction
+ * Submit a transaction to the mempool and (optionally) relay it to all P2P
+ * peers.
+ *
+ * Mempool submission can be synchronous (will await mempool entry notification
+ * over the CValidationInterface) or asynchronous (will submit and not wait for
+ * notification), depending on the value of wait_callback. wait_callback MUST
+ * NOT be set while cs_main, cs_mempool or cs_wallet are held to avoid
+ * deadlock.
  *
  * @param[in]  node reference to node context
  * @param[in]  tx the transaction to broadcast
@@ -24,8 +31,7 @@
  * any fee)
  * @param[in]  relay flag if both mempool insertion and p2p relay are requested
  * @param[in]  wait_callback, wait until callbacks have been processed to avoid
- * stale result due to a sequentially RPC. It MUST NOT be set while cs_main,
- * cs_mempool or cs_wallet are held to avoid deadlock
+ * stale result due to a sequentially RPC.
  * @return error
  */
 NODISCARD TransactionError BroadcastTransaction(
diff --git a/src/node/transaction.cpp b/src/node/transaction.cpp
--- a/src/node/transaction.cpp
+++ b/src/node/transaction.cpp
@@ -30,16 +30,21 @@
 
     { // cs_main scope
         LOCK(cs_main);
+        // If the transaction is already confirmed in the chain, don't do
+        // anything and return early.
         CCoinsViewCache &view = *pcoinsTip;
-        bool fHaveChain = false;
-        for (size_t o = 0; !fHaveChain && o < tx->vout.size(); o++) {
+        for (size_t o = 0; o < tx->vout.size(); o++) {
             const Coin &existingCoin = view.AccessCoin(COutPoint(txid, o));
-            fHaveChain = !existingCoin.IsSpent();
+            // IsSpent doesnt mean the coin is spent, it means the output
+            // doesnt' exist. So if the output does exist, then this transaction
+            // exists in the chain.
+            if (!existingCoin.IsSpent()) {
+                return TransactionError::ALREADY_IN_CHAIN;
+            }
         }
 
-        bool fHaveMempool = g_mempool.exists(txid);
-        if (!fHaveMempool && !fHaveChain) {
-            // Push to local node and sync with wallets.
+        if (!g_mempool.exists(txid)) {
+            // Transaction is not already in the mempool. Submit it.
             CValidationState state;
             bool fMissingInputs;
             if (!AcceptToMemoryPool(config, g_mempool, state, std::move(tx),
@@ -56,23 +61,29 @@
 
                 err_string = FormatStateMessage(state);
                 return TransactionError::MEMPOOL_ERROR;
-            } else if (wait_callback) {
-                // If wallet is enabled, ensure that the wallet has been made
-                // aware of the new transaction prior to returning. This
-                // prevents a race where a user might call sendrawtransaction
-                // with a transaction to/from their wallet, immediately call
-                // some wallet RPC, and get a stale result because callbacks
-                // have not yet been processed.
+            }
+
+            // Transaction was accepted to the mempool.
+
+            if (wait_callback) {
+                // For transactions broadcast from outside the wallet, make sure
+                // that the wallet has been notified of the transaction before
+                // continuing.
+                //
+                // This prevents a race where a user might call
+                // sendrawtransaction with a transaction to/from their wallet,
+                // immediately call some wallet RPC, and get a stale result
+                // because callbacks have not yet been processed.
                 CallFunctionInValidationInterfaceQueue(
                     [&promise] { promise.set_value(); });
                 callback_set = true;
             }
-        } else if (fHaveChain) {
-            return TransactionError::ALREADY_IN_CHAIN;
         }
     } // cs_main
 
     if (callback_set) {
+        // Wait until Validation Interface clients have been notified of the
+        // transaction entering the mempool.
         promise.get_future().wait();
     }