2483474 - sp_help reports object does not exist in this database after alter table failed due error 11068

A process to recreate the constraint of two tables aborted due errors 2714,2761 and 11068:

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Non-clustered index (index id = 2) is being rebuilt.
Warning: The schema for table 'xxxx' has changed. Drop and re-create each trigger on this table that uses the 'if update(column_name)' clause.
(NNN rows affected)
Non-clustered index (index id = 2) is being rebuilt.
Msg 2714, Level 16, State 1:
Server 'server01', Line 2:
There is already an object named 'constraint1' in the database.
Msg 2761, Level 16, State 2:
Server 'server01', Line 2:
Failed to create declarative constraints on table 'yyyy' in database 'dbdbdb'.
Msg 21, Level 20, State 1:
Server 'server01', Line 3:
WARNING - Fatal Error 11068 occurred at MMM DD YYYY 0:00. Please note the error and time, and contact a user with System Administrator (SA) authorization.
Msg 21, Level 20, State 1:
Server 'server01', Line 3:
WARNING - Fatal Error 11068 occurred at MMM DD YYYY 0:00. Please note the error and time, and contact a user with System Administrator (SA) authorization.
The SQL Server is terminating this process.

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After these errors sp_help reports mensage error 17461 (Object does not exist in this database) but object exists in the system table sysobjects.

We can see error 11068 followed by a stack trace reported in ASE's log:

Error: 11068, Severity: 20, State: 1
Transaction was found in the incorrect state of 'Command-attached'. The expected state was 'Done command-attached'.

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SQL causing error : xxxxx
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....
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lasterror = 11068 preverror = 2761 transtate = 0
....
....
pcstkwalk
ucstkgentrace
terminate_process
close_network
s_handle
ex_raise_
s_estmt_loopend
ind__ides_get
sequencer
tdsrecv_language

• SAP Adaptive Server 12.5.4

11068 17461 2714 2761 21 alter table constraint drop object not exist database s_estmt_loopend transaction found incorrect state command-attached expected state done , KBA , BC-SYB-ASE , Sybase ASE Database Platform (non Business Suite) , Problem