diff --git a/packages/node_modules/@node-red/nodes/core/function/10-function.js b/packages/node_modules/@node-red/nodes/core/function/10-function.js
index 71f6e15d6..0fcdd5877 100644
--- a/packages/node_modules/@node-red/nodes/core/function/10-function.js
+++ b/packages/node_modules/@node-red/nodes/core/function/10-function.js
@@ -403,6 +403,8 @@ module.exports = function(RED) {
                     if(node.timeout>0){
                         finOpt.timeout = node.timeout;
                         finOpt.breakOnSigint = true;
+                    } else if (RED.settings.globalFunctionTimeout > 0){
+                        finOpt.timeout = RED.settings.globalFunctionTimeout * 1000
                     }
                 }
                 var promise = Promise.resolve();
@@ -419,8 +421,14 @@ module.exports = function(RED) {
                     var opts = {};
                     if (node.timeout>0){
                         opts = node.timeoutOptions;
+                    } else if (RED.settings. globalFunctionTimeout > 0){
+                        opts.timeout = RED.settings. globalFunctionTimeout * 1000
+                    }
+                    try {
+                        node.script.runInContext(context,opts);
+                    } catch (err) {
+                        return done(err);
                     }
-                    node.script.runInContext(context,opts);
                     context.results.then(function(results) {
                         sendResults(node,send,msg._msgid,results,false);
                         if (handleNodeDoneCall) {
diff --git a/packages/node_modules/node-red/settings.js b/packages/node_modules/node-red/settings.js
index 5c4ce0e94..269cac160 100644
--- a/packages/node_modules/node-red/settings.js
+++ b/packages/node_modules/node-red/settings.js
@@ -490,6 +490,7 @@ module.exports = {
  *  - fileWorkingDirectory
  *  - functionGlobalContext
  *  - functionExternalModules
+ *  - globalFunctionTimeout
  *  - functionTimeout
  *  - nodeMessageBufferMaxLength
  *  - ui (for use with Node-RED Dashboard)
@@ -516,7 +517,19 @@ module.exports = {
     /** Allow the Function node to load additional npm modules directly */
     functionExternalModules: true,
 
-    /** Default timeout, in seconds, for the Function node. 0 means no timeout is applied */
+
+    /**
+     * The default timeout (in seconds) for all Function nodes.
+     * Individual nodes can set their own timeout value within their configuration.
+     */
+    globalFunctionTimeout: 0,
+
+    /**
+      * Default timeout, in seconds, for the Function node. 0 means no timeout is applied
+      * This value is applied when the node is first added to the workspace - any changes
+      * must then be made with the individual node configurations.
+      * To set a global timeout value, use `globalFunctionTimeout`
+     */
     functionTimeout: 0,
 
     /** The following property can be used to set predefined values in Global Context.
diff --git a/test/nodes/core/function/10-function_spec.js b/test/nodes/core/function/10-function_spec.js
index 56c4ec976..6a04547f4 100644
--- a/test/nodes/core/function/10-function_spec.js
+++ b/test/nodes/core/function/10-function_spec.js
@@ -1451,7 +1451,7 @@ describe('function node', function() {
         });
     });
 
-    it('check if default function timeout settings are recognized', function (done) {
+    it('check if function timeout settings are recognized', function (done) {
         RED.settings.functionTimeout = 0.01;
         var flow = [{id: "n1",type: "function",timeout: RED.settings.functionTimeout,wires: [["n2"]],func: "while(1==1){};\nreturn msg;"}];
         helper.load(functionNode, flow, function () {
@@ -1479,6 +1479,65 @@ describe('function node', function() {
         });
     });
 
+    it('check if default function timeout settings are recognized', function (done) {
+        RED.settings.globalFunctionTimeout = 0.01;
+        var flow = [{id: "n1",type: "function",wires: [["n2"]],func: "while(1==1){};\nreturn msg;"}];
+        helper.load(functionNode, flow, function () {
+            var n1 = helper.getNode("n1");
+            n1.receive({ payload: "foo", topic: "bar" });
+            setTimeout(function () {
+                try {
+                    helper.log().called.should.be.true();
+                    var logEvents = helper.log().args.filter(function (evt) {
+                        return evt[0].type == "function";
+                    });
+                    logEvents.should.have.length(1);
+                    var msg = logEvents[0][0];
+                    msg.should.have.property('level', helper.log().ERROR);
+                    msg.should.have.property('id', 'n1');
+                    msg.should.have.property('type', 'function');
+                    should.equal(RED.settings.globalFunctionTimeout, 0.01);
+                    should.equal(msg.msg.message, 'Script execution timed out after 10ms');
+                    delete RED.settings.globalFunctionTimeout;
+                    done();
+                } catch (err) {
+                    done(err);
+                }
+            }, 500);
+        });
+    });
+
+    it('check if functionTimeout has higher precedence over default function timeout setting', function (done) {
+        RED.settings.globalFunctionTimeout = 0.02;
+        RED.settings.functionTimeout = 0.01;
+        var flow = [{id: "n1",type: "function",timeout: RED.settings.functionTimeout,wires: [["n2"]],func: "while(1==1){};\nreturn msg;"}];
+        helper.load(functionNode, flow, function () {
+            var n1 = helper.getNode("n1");
+            n1.receive({ payload: "foo", topic: "bar" });
+            setTimeout(function () {
+                try {
+                    helper.log().called.should.be.true();
+                    var logEvents = helper.log().args.filter(function (evt) {
+                        return evt[0].type == "function";
+                    });
+                    logEvents.should.have.length(1);
+                    var msg = logEvents[0][0];
+                    msg.should.have.property('level', helper.log().ERROR);
+                    msg.should.have.property('id', 'n1');
+                    msg.should.have.property('type', 'function');
+                    should.equal(RED.settings.functionTimeout, 0.01);
+                    should.equal(RED.settings.globalFunctionTimeout, 0.02);
+                    should.equal(msg.msg.message, 'Script execution timed out after 10ms');
+                    delete RED.settings.functionTimeout;
+                    delete RED.settings.globalFunctionTimeout;
+                    done();
+                } catch (err) {
+                    done(err);
+                }
+            }, 500);
+        });
+    });
+
     describe("finalize function", function() {
 
         it('should execute', function(done) {