Comment 2 for bug 416825

According to site http://live.gnome.org/GnomeKeyring/Pam
"When the user changes their password, the PAM module changes the password of the 'login' keyring to match.
 * Again, here gnome-keyring-daemon is started if necessary.
 * If root changes the password, or /etc/shadow is directly edited then due to the lack of the old password, the 'login' keyring cannot be updated."

It seems as if this didn't happen on my Ubuntu 9.04. I am not running root, just a regular user (but with admin rights).