Security command fails to add a keychain for codesigning

We use this flow to create a keychain add some certificates and use it for code-signing our application.

K_PATH = a path to a keychain either under ~/Library/Keychains, ~/Desktop

security create-keychain

security unlock-keychain

security -v list-keychains -s `security list-keychains | xargs` "$K_PATH"

# To verify the keychain search lists

security list-keychains -d user

security list-keychains

This works well on some machines, but on one particular macbook we notice that security command doesn't add the created keychain to its search lists.

Is there some reason why this could fail?