When does the value for a rowversion column get updated?

Question

If I have a table with a rowversion column and it gets updated as follows:

                   Name      VersionStamp 
Before update:      Bob          ABCD 
After update:       Dave         EFGH

What happens if someone queries the table WITH(NOLOCK)? Is there any possibility that the result of the query would be "Bob" (the old value) and "EFGH" (the new rowversion)?

Essentially, what I'm asking is when does the rowversion actually get updated? Is there any guarantee that the rowversion column will always get updated after all other columns are updated?