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I know as far as it applies to fly fishing, and there's no good reason why it should be any different in other applications, fluorocarbon lasts forever. Tom Rosenbauer from Orvis has talked about it quite a few times on the Orvis podcast if you want to look it up. Amongst the fly angling community there's some concern about leaving snippets of FC in the rivers, since it'll never biodegrade, accumulation, blah blah blah. I don't have scientfic facts to back this up so maybe this has been debunked?
Nylon/monofilament is a different story. Even properly stored there comes a time when you might not want to trust it.
If the fluorocarbon line you have is a co-polymer and not a pure FC it might be junk.
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