The Check Out command always uses the most recent version of a file. This error has the following cause and solution:
To use and modify a previous version
Note You can also use the Rollback button in the History of File dialog box (on the Tools menu, click Show History). If you roll back to a certain version, all versions subsequent to that version are deleted. You can then check out the file and start modifying it. The disadvantage of this method, however, is that you lose all the subsequent versions, and cannot retrieve them.