mount -t overlayfs misinforms when nonexisting directories are provided

Consider the directory structure like this:

root@MIKE /tmp/ofs> ls -al
total 20
drwxr-xr-x 5 root root 4096 Aug 10 18:09 .
drwxrwxrwt 9 root root 4096 Aug 10 18:09 ..
drwxr-xr-x 2 root root 4096 Aug 10 18:09 lower
drwxr-xr-x 2 root root 4096 Aug 10 18:09 mounting
drwxr-xr-x 2 root root 4096 Aug 10 18:09 upper

Mounting upper over lower on mounting mount point works just fine:

root@MIKE /tmp/ofs> mount -t overlayfs myoverlay -o lowerdir=lower,upperdir=upper mounting/
root@MIKE /tmp/ofs> df -Th mounting/
Filesystem Type Size Used Avail Use% Mounted on
myoverlay overlayfs 219G 94G 114G 46% /tmp/ofs/mounting
root@MIKE /tmp/ofs>

However if the directory name is misspelled (that is, we're providing wrong directory), the error message is misleading:

32 root@MIKE /tmp/ofs> mount -t overlayfs myoverlay -o lowerdir=IAMWRONG,upperdir=upper mounting/
mount: special device myoverlay does not exist

I'm running this on Ubuntu 14.04.3 LTS, using 3.13.0-61-generic kernel.

I'm not sure if this fits under 'linux' package, but I can't seem to be able to find 'mount' package in Launchpad.
---
ApportVersion: 2.14.1-0ubuntu3.11
Architecture: amd64
AudioDevicesInUse:
 USER PID ACCESS COMMAND
 /dev/snd/controlC1: mario 2458 F.... pulseaudio
 /dev/snd/controlC0: mario 2458 F.... pulseaudio
CurrentDesktop: MATE
DistroRelease: Ubuntu 14.04
HibernationDevice: RESUME=UUID=fa8de8e9-450d-4a2e-8ca6-fa542a0352e3
InstallationDate: Installed on 2014-12-16 (236 days ago)
InstallationMedia: Ubuntu MATE 14.04.1 "Trusty Tahr" - final amd64 (20141111)
MachineType: LENOVO 42405XG
NonfreeKernelModules: nvidia
Package: linux (not installed)
ProcFB:

ProcKernelCmdLine: BOOT_IMAGE=/boot/vmlinuz-3.13.0-61-generic root=UUID=a3231802-c7ff-406a-9aca-83a4bb0c7d70 ro quiet splash
ProcVersionSignature: Ubuntu 3.13.0-61.100-generic 3.13.11-ckt22
RelatedPackageVersions:
 linux-restricted-modules-3.13.0-61-generic N/A
 linux-backports-modules-3.13.0-61-generic N/A
 linux-firmware 1.127.14
Tags: trusty
Uname: Linux 3.13.0-61-generic x86_64
UpgradeStatus: No upgrade log present (probably fresh install)
UserGroups: adm cdrom dip disk fuse libvirtd lpadmin plugdev sambashare sbuild sudo
_MarkForUpload: True
dmi.bios.date: 12/06/2011
dmi.bios.vendor: LENOVO
dmi.bios.version: 8AET56WW (1.36 )
dmi.board.asset.tag: Not Available
dmi.board.name: 42405XG
dmi.board.vendor: LENOVO
dmi.board.version: Not Available
dmi.chassis.asset.tag: No Asset Information
dmi.chassis.type: 10
dmi.chassis.vendor: LENOVO
dmi.chassis.version: Not Available
dmi.modalias: dmi:bvnLENOVO:bvr8AET56WW(1.36):bd12/06/2011:svnLENOVO:pn42405XG:pvrThinkPadT520:rvnLENOVO:rn42405XG:rvrNotAvailable:cvnLENOVO:ct10:cvrNotAvailable:
dmi.product.name: 42405XG
dmi.product.version: ThinkPad T520
dmi.sys.vendor: LENOVO