Emergency Farm Credit Act

Emergency Farm Credit Act - Title I: Emergency Loan Guaranty Authority - Directs the Secretary of Agriculture to guarantee loans to farmers and ranchers, and to private domestic corporations and partnerships controlled by farmers and ranchers and engaged directly and primarily in farming or ranching, in the United States who, individually or as their principle stockholders and partners are citizens of the United States.

Allows a contract that guarantees such loan to require the Secretary of Agriculture to participate in up to 90 percent of any loss.

Restricts the total principal balance outstanding at any one time to $350,000 on loans guaranteed under this Act for any one loan applicant.

Terminates the authority to guarantee loans under this Act on December 31, 1978.

Allows the lender to accept collateral for such guaranteed loans which has depreciated in value due to temporary economic conditions, but which remains adequate security for the loan.

Title II: - Amends to the Consolidated Farm and Rural Development Act - Amends the Consolidated Farm and Rural Development Act to increase the maximum unpaid indebtedness allowed a borrower who receives a loan under such Act. Expands eligibility for loans under such Act to include private domestic corporations and partnerships controlled by farmers and ranchers, who are citizens of the United States.