It is sometimes convenient to write the wavefunction as $$ \Psi(x,t)~=~ e^{\Phi(x,t)} $$ and then work with $\Phi$ instead. This is particularly sensible in the context of the WKB approximation, where $\Phi$ is nice a smooth and slowly changing.
But, does $\Phi$ exist in general? There's a reason it might not. Let's say that $\Psi(x_0,t_0) = 0$. It could be that, near $(x,t) = (x_0,t_0)$, the wavefunction looks like
$$ \Psi(x,t) = e^{i \tan^{-1} \frac{x-x_0}{t-t_0}} \text. $$
(When I write $\tan^{-1}$, I mean something like the C/python "atan2" function. It's just the angle formed by the vector $(x-x_0,t-t_0)$. I hope that's clear.)
So, this wavefunction is smooth and well-behaved at $(x_0,t_0)$, but the imaginary part of its logarithm can't be consistently defined. I guess one could say that $\Phi(x,t)$ has a branch point.
Obviously this can't happen if there wavefunction never vanishes. The only place where I know I can guarantee $\Psi \ne 0$ is the ground state of a bosonic system. Are there other situations in which $\Phi$ can be guaranteed to make sense?
(For that matter... does $\Phi$ have a name?)