A B727 WAS DISPATCHED IN NON COMPLIANCE WITH AN INVALID AND OUT OF TIME MAINT RELEASE.

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WE DEPARTED ON MAY/TUE/03; XA46 FOR ZZZ1 ON FLT ABC AND LANDED AT XA21 MAY/WED/03. APPROX XA00; THE ENGINEER NOTED THAT WE HAD DEPARTED ZZZ WITH AN INVALID AIRWORTHINESS RELEASE DOCUMENT DUE TO AN EXPIRED TIRE CHK. THE TIRE CHK EXPIRED AT XD30 MAY/TUE/03. THE PROB WAS RECTIFIED IN ZZZ1 BY MAINT AND A NEW ARD ISSUED. AS A NOTE; THIS OVERSIGHT HAD GONE UNNOTICED BY 4 SETS OF EYES -- ZZZ MAINT; SO; CAPT AND ZZZ1 MAINT. SUPPLEMENTAL INFO FROM ACN 581507: CREW LAUNCHED ON FLT WITHOUT REALIZING THAT THE AIRWORTHINESS RELEASE WOULD EXPIRE INFLT APPROX 50 MINS PRIOR TO REACHING DEST. SUPPLEMENTAL INFO FROM ACN 581655: AFTER THOROUGHLY REVIEWING THIS DOCUMENT; I FELT THAT THE ACFT WAS AIRWORTHY. I MISREAD THE EXPIRATION TIME OF THE DOCUMENT WHEN COMPARED TO OUR SCHEDULED ARR TIME. WHEN WE ARRIVED AT OUR DEST WE DID ANOTHER THOROUGH PREFLT FOR THE NEXT LEG. THIS IS WHEN WE DISCOVERED THE ERROR. A SOLUTION TO NOT LET THIS HAPPEN AGAIN WOULD BE TO PUT A SPACE ON THE FLT PLAN RELEASE WHICH SHOWS THE EXPIRATION DATE AND TIME OF THE AIRWORTHINESS RELEASE.