IEEE 754 doesn't (usually) distinguish between different NaN encodings for the purposes of semantics--if the result is a NaN, it doesn't specify which NaN the result is. Most hardware vendors implement a form of NaN propagation: when both inputs are NaN, one of the operands is returned, for example, always the left NaN is returned if both are NaN.
As a side note: all compilers I'm aware of make almost no guarantees on preserving the value of NaN payloads, hence they consider floating-point operations to be fully commutative, and there's no general way to guarantee that they evaluate in exactly the order you specified.
As a side note: all compilers I'm aware of make almost no guarantees on preserving the value of NaN payloads, hence they consider floating-point operations to be fully commutative, and there's no general way to guarantee that they evaluate in exactly the order you specified.