Does SQL Server CASE statement evaluate all conditions or exit on first TRUE condition?

Does the SQL Server (2008 or 2012, specifically) CASE statement evaluate all the WHEN conditions or does it exit once it finds a WHEN clause that evaluates to true? If it does go through the entire set of conditions, does that mean that the last condition evaluating to true overwrites what the first condition that evaluated to true did? For example:

SELECT
    CASE
        WHEN 1+1 = 2 THEN'YES'
        WHEN 1+1 = 3 THEN 'NO'
        WHEN 1+1 = 2 THEN 'NO' 
    END

The results is "YES" even though the last when condition should make it evaluate to "NO". It seems that it exits once it finds the first TRUE condition. Can someone please confirm if this is the case.

•Returns the result_expression of the first input_expression = when_expression that evaluates to TRUE.

Reference
https://learn.microsoft.com/sql/t-sql/language-elements/case-transact-sql

This is standard SQL behaviour:

-
A CASE expression evaluates to the first true condition.

-
If there is no true condition, it evaluates to the ELSE part.

-
If there is no true condition and no ELSE part, it evaluates to NULL.

StackExchange Database Administrators Q#43352, answer score: 62