Farm Emergency Credit Act of 1986

[AI summary unavailable — showing source text] Farm Emergency Credit Act of 1986 - Amends the Agricultural Act of 1949 to direct the Secretary of Agriculture to make advance (recourse) price support loans available for 1986 to producers unable to secure sufficient credit elsewhere. Makes up to one-third of such crop eligible for advance payments. Permits loan conversion to nonrecourse status upon harvest and availability as loan collateral. Administers such program through the Commodity Credit Corporation and the local farmer committees. Requires a participating producer to: (1) obtain crop insurance if available; and (2) use his crop as loan collateral. Limits loans to any single person to $50,000.…