Final answer:
The correct statement is that trust departments have more limited discretionary powers in estates than in trust accounts. Trustees and guardians both have fiduciary responsibilities, but their roles can differ. Trust departments are not obligated to accept all business offers.
Step-by-step explanation:
Among the statements provided, the correct one is: c. The trust department's discretionary powers in estates are generally more limited than that in trust accounts. This is because a trust department is not under a legal obligation to accept every business offer, thus making statement a incorrect. With statement b, an agent typically does not have investment or managerial responsibilities in a custody account; these responsibilities remain with the account owner, the agent's role is custodial. Statement d is partially correct; the duties of a guardian are similar to those of a trustee in that both have a fiduciary responsibility to the beneficiaries, but the scope and specifics of their duties can differ significantly depending on the circumstances.