Expired certificate

["Daniel Sichel" <daniels () Ponderosatel com>]

OK, I am in the Golden state (California) where things are not so golden
at the moment.
I deal with a state agency and use their "secure" ftp site. 
Their certificate has expired and won't be renewed for a few weeks, but
they want me to continue to ftp stuff
Using their expired cert.

So, as a relative n00b,  what are the risks?

Does it still encrypt even though, obviously, it can't be verified? 

My guess is that this still encrypts, but there is no authentication,
possibly creating a man in the middle opportunity for some 
Nefarious person with evil intent (nobody I know, or who is on this
list, of course).


Anyway, any info would be welcome from the cognoscenti who subscribe
here.

Thanks,
Dan Sichel 

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