Possible NULL/'null' error in SavedSearch BAO

While trying to create a fix for CRM-16701, I think I might have stumbled upon a small error in https://github.com/civicrm/civicrm-core/blob/master/CRM/Contact/BAO/SavedSearch.php#L299

The code says:

    if (isset($params['formValues']) &&
      !empty($params['formValues'])
    ) {
      $savedSearch->form_values = serialize($params['formValues']);
    }
    else {
      $savedSearch->form_values = 'null';
    }

I think that last line should be:

$savedSearch->form_values = NULL;

I tried to git blame that line (maybe there was something useful in the commit message), but this line has been there since the initial commit.