The "execution model" does matter, but I think that we can safely assume that this is a left-to-right, top-to-bottom solution engine. Even Modicon ladder "networks" were seven rungs long, weren't they ?
In this example, Roger, the address "D" is being set and reset by Latch and Unlatch instructions.
In the third rung, when "C" is true, then "D" is SET.
D is true when the fourth rung is scanned.
In the fifth rung, when "C" is true, then "D" is RESET. At the end of scan, "D" is reset.
When the ladder is scanned and "C" is false, then the "D" register remains in it's last state, because it was set by a Latch instruction, not an ordinary Output instruction.