If a formula contains a named range as an argument, its value may not get updated properly in the following scenario:

In the formula: =SUMIF(A1:A4, 3, ColumnC), ColumnC is a named range refering to C1:C4. Range A1:A4 contains the values 3, 2, 2, 3, which will avoid a circular reference. The formula is entered twice, in C2 and C3. Note that these cells are part of the range ColumnC refers to. When you refresh the formula in C3 (enter edit mode, then press enter), it will calculate correctly, but the formula in C2 will be recalculated to an error. If you refresh the formula in C2, the formula in C3 will be evaluated to an error.