I’ve never seen this error before, but note that it is a Windows Update error code. It seems that the Windows Update service does not have enough free memory to perform the check for updates.
Ok, thanks for the follow up. I searched for the above error message you posted and here is what I found. After applying both Windows 7 x86 updates I no longer received the “Failed to execute the search” and BatchPatch actually found over 100 updates. Here are the two updates: KB3050265 and KB310281. Not sure which one actually fixed the issue. I applied both.
Another user recently reported this same error, and he confirmed that installing KB3050265 resolved it for him. The OS in question was Windows 7 SP1 x86.