Is is possible to "fail" to find a holding in your deck even though there are holdings left? On the same note, is it possible to "fail" to find a ring in your deck when Wisdom Gained resolves?
A New wall
A topic from AEG's L5R CCG Rules forum, copied for Oracle of the Void from a copy of the forum saved in October 2015, so pages it didn't save are missing. Players' names are left out; the rules officials are named. Rulings are as they stood on these dates; later rulings, the rulebooks and the Rules Archive may differ.
No you are not given an option to "fail to find" a card when searching. If an effect instructs you to search any zones for a particular description of a card, and you find there at least one card matching this description (e.g. a non-Unique Holding for A New Wall, or a Ring for Wisdom Gained), then you have to take one.