If they're ePubs or PDFs that've been stripped of DRM and converted, they don't expire and you'll have to delete them yourself when you're done.
If they're Mobipocket versions that have had the script for fixing that format used on them, then they expire at the end of the set library loan period and you'll get an error message on the Kindle if you try to open them after the X days. But otherwise they'll read just fine, although sometimes the metadata will be messed up and the title will look really weird in your Home listings.
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