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Section 107
As with an expired passport, even if the permanent residency card itself is expired, CBP will still allow the passenger to re-enter the country assuming s/he is otherwise still admissible (ie. hasnt otherwise lost the right to permanent residency). In such situations expect to be sent to secondary inspection for a longer wait while they verify admissibility.
In addition to secondary inspection. A holder of an expired I-551 will require an I-193 to be executed at the POE which carries a fee of $585 USD. If the fee is not paid, the inspection will be deferred to one of the CBP's deferred inspection offices at a later date.