The easiest way to determine this would have been to try it out yourself with a sample table - e.g. the one at
http://msdn.microsoft.com/en-us/library/ms188258(v=sql.105).aspx[
^]
I added a constraint to that table
ADD CONSTRAINT colx CHECK (col1 >= 1 )
and then tried
INSERT INTO CheckTbl VALUES (10, 10)
update CheckTbl SET col1 = -1 where col2 = 10
which gives you
Msg 547, Level 16, State 0, Line 1
UPDATE statement conflicted with COLUMN CHECK constraint 'colx'. The conflict occurred in database 'master', table 'CheckTbl', column 'col1'.
The statement has been terminated.
(0 row(s) affected)
So your answer is "Yes"